RHI Entertainment, the made-for-TV movie developer/producer/distributor that filed for Chapter 11 in December, had its reorganization plan approved today in U.S. Bankruptcy Court. The company will emerge with its debt obligation reduced by more than $400 million; the rest will be paid to lien holders via newly issued stock among other arrangements. “This is a great day for RHI,” company CEO Robert Halmi Jr. said. RHI, which has more than 1000 titles in its library, hasn’t been quiet despite its financial troubles: It said it has commenced production on three miniseries — Neverland, Treasure Island and Blackout– and produced two-hour TV movies for networks including Syfy and Hallmark.