American technology magazine publisher Ziff Davis Media will avoid filing for bankruptcy protection after completing a major fiscal overhaul.
The company said that it received support for the restructuring programme from all bank lenders and 95.1% of bondholders – just meeting its 95% target approval rating.
Under the scheme, Ziff Davis will slash bond debt to $102.6 million (€104.8m; £67m), down from $250m, cutting annual debt service payments from $50m to $15m. Bondholders will receive 12 cents cash, 38 cents in a new bond note and 12 cents in stock for every dollar of debt.
Data sourced from: The Wall Street Journal Online; additional content by WARC staff