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 mollified a judge’s and regulators’ concerns, Bloomberg News reported yesterday. Bankruptcy Judge Christopher Sontchi at a hearing yesterday accepted the restructuring plan after FriendFinder eliminated provisions that had caused him to withhold his blessing earlier in the day. The releases covered liability from lawsuits and other causes of action. Before the modifications were made, the judge had agreed with the U.S. Securities and Exchange Commission that releases being sought for officers from shareholders weren’t consensual and went “too far.”
