Freedom Creditors Get OK To Seek Alternative Plans

Law360, New York (December 3, 2009, 4:31 PM EST) -- The committee of unsecured creditors for bankrupt media company Freedom Communications Holdings Inc. has received court approval to solicit its own proposals for an alternative plan of reorganization, despite the debtor's objections.

At a hearing Wednesday in the U.S. Bankruptcy Court for the District of Delaware, Judge Brendan Linehan Shannon approved the unsecured creditors' motion authorizing its investment bankers, Trenwith Group LLC, to solicit alternative proposals.

Freedom submitted its own plan developed in collaboration with a steering committee of secured lenders holding $771 million of the...
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