FriendFinder Alters Reorganization Plan to Win Court OK
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FriendFinder Networks Inc., the owner of Penthouse magazine and thousands of adult-oriented websites, won court approval of its reorganization plan after making changes that satisfied regulators’ objections.
U.S. Bankruptcy Judge Christopher Sontchi in Wilmington, Delaware, accepted the restructuring plan yesterday after FriendFinder eliminated provisions that had caused him to withhold his approval earlier in the day. The releases covered liability from lawsuits and other types of claims.