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Article: Ziff Davis Media Reaches Agreements in Principle on Terms of Financial Restructuring.
- Article from:
- PR Newswire
- Article date:
- May 1, 2002
CopyrightCOPYRIGHT 2002 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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NEW YORK -- Ziff Davis Media Inc. today announced bondholders representing approximately 60% of its $250 million of 12% Senior Subordinated Notes due 2010 (the "Senior Notes") have agreed in principle to participate in a comprehensive financial restructuring under which the Company would reduce its debt by approximately $155 million and its cash debt service requirements over the next several years by approximately $30 million annually. In connection with such agreements, the controlling stockholder of the Company's parent has agreed in principle to make an equity cash infusion of $80 million. The proposed restructuring requires, among other things, an amendment to the ...