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Ziff Davis Media reaches agreement in principal with senior bank lenders

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New York--Struggling technology publisher Ziff Davis Media Inc. announced it has reached a new agreement with bankers that will defer principal payments on its $198 million bank debt for two years. The move is intended to stave off bankruptcy for the publisher of Yahoo! Internet Life and PC Magazine. Ziff is also trying to get its bondholders to accept a deal that would rewrite about $250 million in junk bond debt. The company said on May 1 that a majority of bondholders were conditionally on board.
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