This brings the company to over the 95% hurdle it needed to clear to restructure the debt without a trip to a court for a "prepackaged" chapter 11 bankruptcy plan.
A Ziff Davis spokeswoman,
$250 million debt
The restructuring process, which the company intially said would be completed in mid-June, would exchange $250 million debt in the form of 12% senior subordinated notes due in 2010 for a combination of cash and new subordinated notes worth about 62 cents on the dollar, and cut cash debt service for the next several years by around $30 million annually.
The deadline extension to Aug. 9 marks the sixth announced extension to the company's offer since mid-July.
For the quarter ended June 30, Ziff Davis' revenue was down 30.6% to $56.8 million, and it posted a net loss of $45.7 million -- a slight narrowing of the $49.3 loss it reported for the comparable quarter in 2001.
Since 2000, the company has ceased publishing six magazines -- Yahoo! Internet Life, Expedia Travels, Family PC, Net Economy, Interactive Week and Smart Partner -- and converted the 800,000 circulation title Smart Business into a newsletter.