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BtoB

Ziff Davis gets bondholder approval for restructuring

Published on .

New York--Struggling tech media company Ziff Davis Media Inc., publisher of PC Magazine and eWeek, announced Wednesday that 95.1% of its bond holders have formally accepted the terms of the company’s financial restructuring plan.

Ninety-five percent acceptance from its bondholders was the threshold for Ziff Davis to implement its restructuring plan while avoiding bankruptcy court.

A spokeswoman for Ziff Davis refused to declare that the company had sidestepped bankruptcy court. “The deal is not finalized,” cautioned Aimee Levine, Ziff Davis’ VP-corporate communications.

Ziff Davis’ restructuring plan is intended to reduce its senior notes by about $155 million and its cash debt service requirements over the next several years by more than $30 million annually.

--Sean Callahan

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