A U.S. Bankruptcy Court judge Thursday approved the reorganization plan of the holding company of Denver's MediaNews Group which will allow Affiliated Media Inc., parent of MediaNews, to emerge from
Chapter 11 protection in about two weeks.
Affiliated filed under Chapter 11 on Jan. 22 and submitted a plan already approved by major creditors, allowing it to greatly reduce its
debt from $930 million to $165 million in debt in exchange for equity in the company, while leaving William Dean Singleton and president Joseph "Jody" Lodovic IV in control of the Affiliated/MediaNews
management. The major lenders -- including Bank of America and Wells Fargo -- will wind up with 89% of the reorganized company's common stock. Operations of The Denver Post and other newspapers
would be unaffected, the company said.
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