Freedom Communications, the parent company of Freedom New Mexico, announced Wednesday it has received approval of first-day motions designed to ensure daily operations continue as the company restructures.
The relief approved today by the U.S. Bankruptcy Court for the District of Delaware allows the privately-owned media company to pay employee wages and benefits, use its cash management systems, and continue advertising and subscriber programs during Chapter 11 restructuring.
“Quick approval of our first day motions is encouraging and puts Freedom on strong footing as we move forward in implementing the debt restructuring agreement we reached with our lenders,” said Freedom CEO Burl Osborne. “This action should reassure our employees, our customers, our suppliers and the communities we serve that we have sufficient cash to fund daily operations and that it is business as usual.”
Freedom Communications, headquartered in Irvine, Calif., includes approximately 90 daily and weekly publications and eight television stations.