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Court OKs reorg plan

Great American Communications Co. said a bankruptcy court confirmed a joint prepackaged plan of reorganization for itself and units GACC Holding Co. and New GACC Holdings Inc.

The company, which owns network affils and radio stations, and its units plan to complete a “comprehensive financial restructuring” in two weeks. The restructuring calls for issuance of reorganized GACC common stock and 14% notes in exchange for outstanding debt and preferred stock of the GACC companies.

The indebtedness and preferred stock obligations will be reduced to $ 433 million from $ 910 million, with annual interest and preferred stock dividends reduced to $ 41 million from more than $ 94 million.

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