Young Broadcasting disclosure statement OK'd; plan hearing Dec. 21

By Alice Popovici

New York, Nov. 5 - Young Broadcasting, Inc.'s disclosure statement related to its plan of reorganization was approved Thursday by the U.S. Bankruptcy Court for the Southern District of New York.

An amended disclosure statement filed by the official creditors committee was also approved.

The company's confirmation hearing is scheduled to begin Dec. 21.

Young Broadcasting attorney Jo Christine Reed addressed several objections from lenders, asking the court to overrule objections not resolved. The U.S. Trustee and official creditors committee stated in court that they had no objections to the plan.

Creditors committee attorney Jeffrey Saferstein said the supplement to the committee's statement includes modifications to the rights offering, provisions regarding leases and risk factor information, as well as an expected increase to the equity commitment.

The objections not overruled by the court will be addressed again at confirmation.

New York-based Young Broadcasting owns 10 television stations and the national representation firm Adam Young Inc. The company filed for bankruptcy on Feb. 13, 2009 in the U.S. Bankruptcy Court for the Southern District of New York. Its Chapter 11 case number is 09-10645.

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