Freedom Communications, a national privately owned media company of print publications, broadcast television stations and interactive businesses, announced today that it has received approval of first day motions designed to ensure that daily operations continue normally during the Company’s restructuring.
The first day relief approved today by the U.S. Bankruptcy Court for the District of Delaware gives the Company permission to pay pre-petition and post-petition employee wages and benefits, use its cash management systems, and continue its advertising and subscriber programs during its Chapter 11 restructuring.
“Quick approval of our first day motions is encouraging and puts Freedom on strong footing as we move forward in implementing the debt restructuring agreement we reached with our lenders,” said Freedom CEO Burl Osborne. “This action should reassure our employees, our customers, our suppliers and the communities we serve that we have sufficient cash to fund daily operations and that it is business as usual.” About Freedom Communications
Freedom Communications, headquartered in Irvine, Calif., is a national privately owned information and entertainment company of print publications, broadcast television stations and interactive businesses. The company’s print portfolio includes approximately 90 daily and weekly publications, including approximately 30 daily newspapers, plus ancillary magazines and other specialty publications. The broadcast company’s stations – five CBS, two ABC network affiliates and one CW affiliate – reach more than 3 million households across the country. The Company’s news, information and entertainment websites complement its print and broadcast properties.