Freedom Communications files reorganization plan

Nov 2 (Reuters) - Freedom Communications Holdings Inc, publisher of the Orange County Register and 29 other dailies, filed a Chapter 11 reorganization plan in a Delaware bankruptcy court on Saturday, court filings showed.

The company, which also owns eight television stations, filed for bankruptcy on Sept. 1 after reaching an agreement with a majority of lenders of its roughly $1 billion debt to restructure the company.

Under the plan, lenders holding $770.6 million of the company's debt will end up with 98 percent of the equity of the restructured company, cutting the debt to $325 million as a result.

Once the disclosure statement is approved by a judge, Freedom Communications will solicit votes from lenders for the reorganization plan.

The plan then has to be approved by the judge at a confirmation hearing before the company can exit bankruptcy protection.

The case is In Re: Freedom Communications Holdings Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-13046. (Reporting by Santosh Nadgir in Bangalore; Editing by Maju Samuel)