Young Broadcasting Files Ch. 11 Plan

Law360, New York (September 25, 2009, 4:25 PM EDT) -- Television station owner and operator Young Broadcasting Inc. has filed a blueprint for restructuring, following a bankruptcy judge's approval of a purchase agreement under which the company would sell substantially all of its assets to a group of secured lenders led by Wachovia Bank NA in a deal worth $220 million.

Young Broadcasting and its affiliated debtors filed the joint Chapter 11 plan Thursday in the U.S. Bankruptcy Court for the Southern District of New York.

The senior secured lenders hold more than $338 million of...
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