NEW YORK, July 7 (Reuters) - A federal bankruptcy judge on Tuesday approved Journal Register Co's (JRCOQ.PK: Quote, Profile, Research) reorganization plan, clearing the way for the newspaper publisher to emerge from Chapter 11 protection.

The Yardley, Pennsylvania-based publisher had sought protection from creditors on Feb. 21, hurt by falling advertising revenue and too much debt.

Journal Register at the time operated 20 daily newspapers, including the New Haven Register and the Trentonian, and more than 300 non-daily publications and websites.

The publisher's Chapter 11 plan calls for converting secured lenders' debt into 100 percent of the equity in a reorganized company, as well as new secured loans, court records show. Unsecured creditors would also receive some distributions, while shareholders would be wiped out.

U.S. Bankruptcy Judge Allan Gropper approved the plan even though some creditors objected to Journal Register's plans to pay some bonuses to executives after the plan was confirmed, as well as a $6.6 million payment to some trade creditors.

The judge concluded that the reorganization plan was proposed in good faith, and is in the best interests of creditors and the the bankruptcy estate.

Several other publishers have sought bankruptcy protection in the last year, including Tribune Co, or struggled with the weak economy as more readers get news for free online.

Journal Register shares closed Tuesday unchanged at one-half of one cent.

The case is In re Journal Register Co, U.S. Bankruptcy Court for the Southern District of New York (Manhattan), No. 09-10769. (Reporting by Jonathan Stempel; Editing by Phil Berlowitz)