New York--In a big victory for chairman-CEO Robert Callahan and COO-Bart Catalane, Ziff Davis Media Inc., publisher of PC Magazine
, officially announced Monday that it had reached an agreement with its bondholders that allows the company to restructure without declaring Chapter 11. As of August 9, holders of 95.1% of the aggregate face amount of its $250 million of 12.0% Senior Subordinated Notes due in 2010 formally accepted the terms of its out-of-court financial restructuring plan. In addition, Ziff Davis also announced that it has reached agreement with holders of 100% of the outstanding loans under its senior credit facility regarding an amended and restated credit agreement. âToday's announcement is great news for Ziff Davis Media as it represents the culmination of over nine months of hard work and delivers the 'final-fix' we promised for our long-term debt issues,â Callahan said. As a result of the restructuring, Ziff Davis reduces its outstanding debt by approximately $147.4 million and its cash debt service requirements over the next several years by more than $30 million annually.