Summary Box: Freedom reorganization plan approved
Summary Box: Freedom Communications wins court approval of Chapter 11 reorganization plan
THE APPROVAL: A bankruptcy judge clears Freedom Communications' reorganization plan.
THE PLAN: Key lenders would get ownership of the company and would cut the amount of debt that Freedom owes them by nearly 60 percent. Burl Osborne, named interim chief executive officer in June just months before the Chapter 11 filing, would remain CEO.
THE NEXT STEPS: Freedom hopes to emerge from Chapter 11 protection by the end of the month, though the Federal Communications Commission must first grant approval regarding its broadcast licenses.
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