PR NEWSWIRE - Dec 23 - FriendFinder Networks has announced a plan of reorganization that takes effect three months after the company filed for Chapter 11 bankruptcy protection. FriendFinder's annual interest expense is expected to be reduced by over $50 million and approximately $300 million of secured debt will be eliminated. The bankruptcy and reorganization will allow the company to strengthen its balance sheet and enable it to grow its flagship brands.
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