Alter Communications Inc., which publishes the Baltimore Jewish Times, will soon say “shalom” to bankruptcy.

According to the Baltimore Business Journal, Judge James F. Schneider of the Baltimore bankruptcy court approved the company’s Chapter 11 exit plan Thursday. Alter’s unsecured creditors will divide 85% of the company’s earnings over the next five years. The plan should go into effect late next month, according to the paper.

According to court documents filed with the bankruptcy court in October show that all priority claims will be fully repaid under the plan, and disputed claims won’t be paid until they become allowed. The bankruptcy-exit plan should become effective 30 days after the plan’s confirmation.

Alter Chief Executive Andrew Buerger said he was happy the bankruptcy case was resolved, according to the newspaper.

“I’m elated,” Buerger said. “To be able to put this chapter behind us is great for us, our employees, our community, advertisers and readers.”

In addition to the Baltimore Jewish Times, Alter publishes Style, Chesapeake Life and Insider, which is published monthly inside the Jewish Times. The company entered bankruptcy in April with assets and debts each between $1 million and $10 million. Its largest unsecured creditors included H.G. Roebuck, whose claim it disputed, and the Baltimore Development Corp.

(Source: WSJ)