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Gray Taking WTEN 10 Albany

he U.S. Bankruptcy Court for the Southern District of New York yesterday officially approved a plan that will allow Young Broadcasting Inc. to emerge from Chapter 11 bankruptcy protection. The reorganization plan has been on hold since July 2009, when unsecured lenders appealed the court's initial ruling. 

Chairman and CEO Vincent Young will retain control of three television stations, and Atlanta-based Gray Television will manage the remaining seven stations - including Albany ABC affiliate WTEN channel 10 - under a fee agreement with Young's senior lenders.

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