Young Broadcasting Asset Sale Gets Court's OK

Law360, New York (July 22, 2009, 7:32 PM EDT) -- A bankruptcy judge has signed off on a proposal to sell Young Broadcasting Inc. to a group of its senior secured lenders led by Wachovia Bank NA, in a deal worth $220 million.

At a sale hearing Wednesday in the U.S. Bankruptcy Court for the Southern District of New York, Judge Arthur J. Gonzalez authorized the sale of substantially all the company’s assets to a group of secured lenders. The deal still must be cleared by the Federal Communications Commission.

Young Broadcasting Inc., which owns and...
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