Judge OKs Granite’s Reorganization Plan

Law360, New York (May 21, 2007, 12:00 AM EDT) -- A federal bankruptcy judge has given the green light to Granite Broadcasting Corp.’s reorganization plan, paving the way for the bankrupt media company to exit Chapter 11 under the control of hedge fund Silver Point Capital.

U.S. Bankruptcy Judge Allan L. Gropper on Friday confirmed Granite’s first amended joint plan of reorganization over the objections of Harbinger Capital Partners Master Fund I, Ltd., Golden Tree Master Fund II, Ltd., and MFC Global Investment Management (U.S.) LLC, a group of shareholders that had submitted a rival proposal....
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