FORT LEE, N.J.-MobileMedia Corp. announced the U.S. Bankruptcy Court for the District of Delaware approved its disclosure statement, allowing the company to move forward with its plan to merge with Arch Communications Group Inc.
The plan contains terms of the proposed merger with Arch, which recently was modified. Next, MobileMedia creditors must vote to approve the plan and send it to court for final approval, after which the company’s merger with Arch will be complete and it will exit Chapter 11 bankruptcy protection.
Despite some early misgivings, MobileMedia said the plan has the support of its unsecured creditors. Creditors should receive a copy of the plan no later than Dec. 24, and the deadline to vote on it is Jan. 27. The court has set a Feb. 3 hearing date to confirm the plan.
