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Freedom Communications wins fourth extension of exclusive plan periods
By Caroline Salls
Pittsburgh, Sept. 21 – Freedom Communications, Inc. obtained a further extension of its exclusive periods for filing and soliciting votes on a Chapter 11 plan, according to an order filed Tuesday with the U.S. Bankruptcy Court for the Central District of California.
The company’s exclusive filing period was extended to Nov. 29 from Aug. 31 and the solicitation period to Jan. 28 from Oct. 30.
Now that its asset sale has closed, the company and its official committee of unsecured creditors have been focusing their attention on negotiating and preparing a joint Chapter 11 plan of liquidation under which the sale proceeds will be distributed, the motion said.
In order to assist in formulating a plan, Freedom said it must have an accurate estimate of the amount of liabilities it faces. As a result, the company said it filed four omnibus objections to claims, scheduled to be heard on Sept. 26, and it is continuing to review other claims for potential objections.
In addition, Freedom said one of its debtors has resolved an adversary proceeding against Angelo, Gordon Management, LLC regarding the amount of Angelo Gordon’s allowed unsecured claim in the cases. The company said the resolution of Angelo Gordon’s claim was critical to formulation of any plan.
Freedom said it needs the exclusivity extension in order to resolve pending matters, including the claims review, resolution of complaints and the pursuit of recoveries against third parties.
Based in Santa Ana, Calif., Freedom Communications is a newspaper company. It filed for bankruptcy on Nov. 1, 2015 under the Chapter 11 case number is 15-15311.
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