Court OKs MediaNews parent’s Chapter 11 plan
Bankruptcy
A U.S. Bankruptcy Court judge Thursday approved the reorganization plan of the holding company of Denver’s MediaNews Group Inc., publisher of The Denver Post, the company said.
Confirmation of the “pre-packaged” plan by Judge Kevin Carey of U.S. Bankruptcy Court in Delaware will allow Affiliated Media Inc., parent of MediaNews, to emerge from Chapter 11 protection.
“We knew we had a good plan going in, and it had been approved by the lenders before it was filed,” William Dean Singleton, chairman and CEO of MediaNews Group, said in a statement. “We are pleased that it won confirmation, and that our company is now well-positioned for the changing days ahead.”
Affiliated filed under Chapter 11 on Jan. 22 and submitted a plan already approved by major creditors, allowing it to greatly reduce its debt from $930 million to $165 million in debt in exchange for equity in the company, while leaving Singleton and President Joseph “Jody” Lodovic in control of the Affiliated/MediaNews management.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.