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Its restructuring plan approved, supermarket tabloid and fitness publisher American Media Inc. is set to start 2011 with a clean slate.
AMI, which publishes Star and Shape, sought bankruptcy protection in November after being hurt by the ad recession and lower consumer spending for its titles.
The U.S. Bankruptcy Court for the Southern District of New York approved its prepackaged plan, enabling AMI to secure new financing; reduce its debt by $355 million to $500 million; and improve its cash flow.
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