Granite Reaches Agreement With Ex-Shareholders

Law360, New York (June 13, 2007, 12:00 AM EDT) -- A judge on Monday dismissed an appeal of formerly bankrupt media company Granite Broadcasting Corp.'s Chapter 11 reorganization plan, after the shareholders who filed it agreed to drop their objections.

The shareholders, led by Harbinger Capital Partners Master Fund I Ltd., had filed a rival reorganization plan in which they offered to pay a large portion of Granite's debts in exchange for control of the company. The court approved Granite's plan on June 4.

The shareholders went on to appeal the plan only days after the...
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