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SBS Reorganization Plan Now Waits on the FCC
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SBS Reorganization Plan Now Waits on the FCC
Media owner Spanish Broadcasting System has gained court approval of its Chapter 11 reorganization plan. The confirmation sets SBS on a path to exit bankruptcy once the new financial arrangement is given FCC approval. The company filed a prepackaged restructuring plan in May to cut its debt by more than 75% by transferring ownership to its creditors, according to news reports. The Chapter 11 case was filed in Delaware after SBS reached an agreem…
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