Parent company of CO Springs Gazette
By RANDALL CHASE, AP Business Writer
WILMINGTON, Del. (AP) -- A federal bankruptcy judge in Delaware has approved the Chapter 11 reorganization plan of Freedom Communications, owner of The Gazette of Colorado Springs and other media properties.
Under the plan approved Tuesday, Freedom's secured lenders including JPMorgan Chase and Bank of New York Mellon would assume ownership of the company in return for cutting the debt owed to them by nearly 60 percent, to $325 million.
Unsecured creditors who challenged an initial proposal giving them only about $5 million stand to recover far more than that under the revised plan.
Pension holders would get about 70 percent of their original pensions.
Other unsecured creditorswould be the beneficiaries of a $14.5 million trust fund.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
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