An attorney for Freedom Communications told a federal bankruptcy judge Wednesday that the newspaper publisher hopes to speed through its Chapter 11 reorganization in just a few months.
Freedom attorney Robert Klyman made the remarks as Judge Kevin Carey in Wilmington approved a variety of preliminary motions to help Freedom continue operating during the proceedings. They include paying vendors, maintaining bank accounts and cash management programs, and using cash collateral for operating costs.
Freedom, which owns The Orange County Register in California, dozens of other newspapers, and eight televisions stations, sought bankruptcy protection Tuesday, citing a steep drop in advertising revenue.
The filing by Freedom Communications Holdings Inc. was part of a prepackaged plan approved by a majority of the company’s lenders, which should minimize the haggling that can bog down bankruptcy proceedings. More…