Update, March 4: A judge today approved a restructuring plan that will allow Affiliated Media Inc., the parent company of MediaNews, to emerge from Chapter 11 bankruptcy.

The decision came despite a handful of last-minute objections from creditors.

The deal cuts the company’s debt from $930 million to $165 million, according to a press release issued on PR Newswire earlier this morning.

“We knew we had a good plan going in, and it had been approved by the lenders before it was filed,” CEO Dean Singleton said in the statement. “We are pleased that it won confirmation, and that our company is now well-positioned for the changing days ahead.”

A Bloomberg story provides more details.

Corporate officers have repeatedly said the debt restructuring will not affect daily newspaper operations or employees. Nonetheless, officials up to the highest level of The Newspaper Guild have been following the situation closely. We will continue to share details about the bankruptcy, and its aftermath, as they emerge.

As always, please don’t hesitate to bring any questions or concerns to your unit officers or shop stewards.