The publisher, which has shuttered a number of technology-themed publications recently, reported quarterly revenue of $56.8 million, down 30.6% from the year-ago period. Its second-quarter net loss of $45.7 million, however, was lower than its loss of $49.3 million for the same period in 2001.
The company blamed
Ziff Davis also disclosed that bondholders of 87% of its notes have agreed to a debt restructuring that will exchange $250 million in senior subordinated notes for a combination of cash and new subordinated notes worth about 62 cents on the dollar.
Additionally, 95% of creditors have agreed to a prepackaged reorganization.
In order to complete the approvals, Ziff Davis extended its deadline for approval until July 23 and added a $15 million bond interest payment due July 15 to the reorganization package.
In a filing with the Securities and Exchange Commission in April, the company had raised the specter of bankruptcy if it was not able to complete the debt restructuring.