Granite Broadcasting plan approved by most voting creditors

By Caroline Salls

Pittsburgh, April 12 - Granite Broadcasting Corp.'s plan of reorganization was approved by all but six voting creditors, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of New York.

Creditor in classes that unanimously approved the plan included the three holders of $2.03 million in Granite unsecured claims; the three holders of $8 million in KBWB unsecured claims; the one holder of $448.00 in WEEK-TV License general unsecured claims; and the three holders of $1,942 in WXON general unsecured claims.

Also, 28 of the 29 holders of Granite secured claims, or 96.55%, holding $420.79 million or 98.36% in amount of those claims, voted to accept the plan, while one holder, or 3.45%, of $7.04 million or 1.64% in amount of those claims, voted to reject it.

A total of 25 of the 26 holders of KBWB secured claims, KBWB License secured claims, WXON secured claims and WXON License secured claims, or 96.15% of holders of each of those classes, holding $420.77 million or 98.36% in amount of those claims, voted to accept the plan, while one holder, or 3.85% of holders of each of those classes, of $7.04 million or 1.64% in amount, of those claims voted to reject it.

Granite, a New York-based owner and operator of network-affiliated television stations, made a pre-packaged Chapter 11 filing on Dec. 11. Its Chapter 11 case number is 06-12984.

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