Ziff Davis Media files Chap. 11

Share this content:

Integrated media company Ziff Davis Media Inc. has filed for Chapter 11 bankruptcy protection in the US Bankruptcy Court for the Southern District of New York as it attempts to implement a restructuring program.

Ziff Davis expects operations to continue as usual during the reorganization process and to emerge from Chapter 11 this summer with an improved capital structure.

“Today's restructuring agreement goes a long way towards resolving the burdens of a debt load and capital structure established seven years ago, during a leveraged buyout of the company,” said Jason Young, CEO of Ziff Davis Media, in a statement.

As part of the restructuring, the ad hoc note holder group has agreed to set aside up to $24.5 million to fund the company's operations during the Chapter 11 process and after the company emerges from Chapter 11.

The reorganization calls for $225 million of senior secured indebtedness to be exchanged for a new $57.5 million senior secured note and at least 88.8% of the common stock in the reorganized company. The restructuring provides for 11.2% of the reorganized company's common stock to be distributed to holders of the company's subordinated unsecured notes if the class of such holders votes to accept the restructuring. Holders of the company's subordinated, unsecured notes have not yet agreed on the restructuring. However, the company believes the restructuring plan can be approved by the court without their agreement.


Next Article in Direct Mail

Sign up to our newsletters

Company of the Week

Since 1985, Melissa has helped thousands of companies clean, correct and complete contact data to better target and communicate with their customers. We offer a full spectrum of data quality solutions, including global address, phone, email, and name validation, identify verification - available for batch or real-time processes, in the Cloud or on-premise. Our service bureau provides dedupe, email/phone append and geographic/demographic append services for better targeting and insight. For direct mailers, Melissa offers easy-to-use address management/postal software, list hygiene services and 100s of specialty mailing lists - all with competitive pricing and excellent customer service.

Find out more here »

Career Center

Check out hundreds of exciting professional opportunities available on DMN's Career Center.  
Explore careers in digital marketing, sales, eCommerce, marketing communications, IT, data strategies, and much more. And don't forget to update your resume so employers can contact you privately about job opportunities.

>>Click Here

Relive the 2017 Marketing Hall of Femme

Click the image above