Ziff extends bondholder deadline again

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New York--Ziff Davis Media announced Friday a second two-day extension of its exchange offer and solicitation of consents for the prepackaged financial restructuring plan. The new deadline is 9:00 a.m. EST on Monday, August 5. The struggling media company and publisher of PC Magazine issued a previous extension on Wednesday. Ziff Davis hopes to avoid bankruptcy proceedings by having a restructuring plan approved by 95% of its bondholders.

As of August 1, tabulations reflected that holders of approximately 91% of the aggregate face amount of its $250.0 million of 12.0% Senior Subordinated Notes due in 2010 have formally accepted the terms of Ziff Davis’ financial restructuring plan. The plan, which calls for exchanging cash and new securities for the senior notes, would reduce the company’s 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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