WILMINGTON • a federal judge Tuesday approved Freedom Communication Inc.’s reorganization plan, giving a green light for the company to emerge from bankruptcy by the end of this month.

The court action gets the Irvine-based media company and parent of the Daily Press out from under 58 percent of its debt – from $775 million to $325 million. the company’s unsecured creditors will share in $32.2 million compared with the $5 million Freedom originally offered.

“I’m a little relieved that it’s all done,” said Freedom Chief Financial Officer Mark McEachen, who attended the less than 30-minute hearing. “Now we’re on to the business of running the business so we can get this distraction behind us.”

Freedom interim Chief Executive Officer Burl Osborne said the bankruptcy “will give the company a new balance sheet, a fresh start, if you will.”

The company’s plan calls for it to more than double its pretax earnings to $98 million within four years. Newspaper analysts predicted that the new investors/owners of the company are likely to hold on to it for a minimum of two years and as much as six or seven as they wait for the market for media concerns to improve.

“We believe and are optimistic that we have, if not seen the bottom, are closer to seeing the bottom,” Osborne said. “Judging from the slowing of the rates of decline – significantly slowing – we are on our way to recovery.”

The company will emerge from bankruptcy with Osborne at the helm and a new board of directors that for the first time will not include a member of the founding Hoiles family.

Judge approves Freedom bankruptcy plan