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Freedom Communications, Inc. entered Chapter 11 on November 1, 2015 in the Central District of California, case no. 8:15-bk-15311-MW, after legacy print-media revenue pressure pushed the Orange County newspaper operator into a sale-driven restructuring source filing source filing. CFO Chris D. Dahl described a portfolio built around The OC Register, The Press-Enterprise, Unidos and Coast Magazine; management included CEO Richard Mirman, director/secretary Eric Spitz and Dahl. The September 2015 balance sheet showed about $149 million of consolidated book assets, substantially lower fair value, secured debt led by Silver Point and PBGC, 2014 FCI revenue of $154.7 million and a $21 million EBITDA loss, with 2015 combined revenue projected at $178 million and near break-even EBITDA source filing.
The case posture was liquidation by sale: the debtors sought cash-collateral authority, proposed a going-concern Section 363 sale, and later obtained authority to sell substantially all assets free and clear to Freedom Acquisition Sub, Inc., an affiliate of Digital First Media source filing source filing. The court then confirmed the Second Amended Joint Chapter 11 Plan of Liquidation proposed by the debtors and the official unsecured creditors' committee, as modified, after a July 7, 2021 hearing; the confirmation order was signed July 16, 2021 source filing.
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