LBI Media Inc. received approval of its Third Amended Plan of Reorganization from the U.S. Bankruptcy Court for the District of Delaware on Wednesday. The Burbank Spanish-language broadcaster will restructure its balance sheet over the next several months to emerge from Chapter 11 bankruptcy, which it filed for in November to eliminate debt. Under terms of the plan, which is sponsored by HPS Investment Partners, LBI will get rid of about $350 million of debt and HPS will receive 100 percent of new equity interests in LBI. The company’s trade creditors will likely receive significant recoveries. LBI, which does business as Liberman Broadcasting, owns 10 television stations and 17 radio stations. It operates the Estrella TV network from its flagship station KRCA in Burbank. HPS is a public and private lender and investment firm based in New York.