FriendFinder Networks Inc., the owner of Penthouse magazine and thousands of adult-oriented websites, won court approval to seek creditors’ votes on its restructuring plan, which would turn the company over to noteholders, Bloomberg News reported yesterday. Bankruptcy Judge Christopher Sontchi yesterday approved the company’s disclosure statement. FriendFinder will seek court approval of its reorganization plan to exit bankruptcy at a hearing scheduled for Dec. 16. Objections to the plan have to be filed by Dec. 9. The Boca Raton, Fla.-based operator of websites such as adultfriendfinder.com sought bankruptcy protection Sept. 17 listing assets of $465.3 million and debt of $661.9 million. The restructuring would cut about $300 million in debt and reduce annual interest expenses by about $50 million. The reorganized company’s estimated enterprise value was between $257.8 million and $285.4 million as of Aug. 31, according to the disclosure statement.
