News
Court Confirms Ziff Davis Media's Plan Of Reorganization
NEW YORK-(Business Wire)-June 18, 2008 - Ziff Davis Media Inc. ("Ziff Davis" or the "Company"), an indirect wholly-owned subsidiary of Ziff Davis Holdings Inc., today announced that the U.S. Bankruptcy Court for the Southern District of New York (the "Court") confirmed Ziff Davis's "Second Amended Joint Chapter 11 Plan Of Reorganization," dated May 6, 2008 (the "Plan"). Ziff Davis currently expects to emerge from Chapter 11 on July 1, 2008.
"The Court's confirmation of our Plan is a major milestone for Ziff Davis as we look to emerge from Chapter 11 restructuring," said Jason Young, Chief Executive Officer of Ziff Davis Media. "We are very proud of the progress we have made during our short time in Chapter 11 to become a healthier company. We remain grateful for the unwavering support of our customers, vendors and employees throughout this process and we look forward to continuing our work with all of our stakeholders after our emergence. After concluding our restructuring, we will be better positioned, with the financial strength to grow and capitalize on our strengths."
As previously announced, the Plan substantially de-leverages Ziff Davis's balance sheet by converting over $428 million in funded indebtedness to (a) new common stock of reorganized Ziff Davis Media and (b) a new note of $57.5 million. The acceptance of the Plan by voting creditors was overwhelming. The Plan provides Ziff Davis with sufficient cash to fund its exit from Chapter 11 as well as its ongoing business plan. This funding will enable the Company to finance its Chapter 11 exit obligations as well as ongoing operations for the foreseeable future.
More information about Ziff Davis's reorganization, including the Plan and Disclosure Statement, are available at www.bmcgroup.com.
About Ziff Davis Holdings Inc.
Ziff Davis Holdings Inc. is the ultimate parent company of Ziff Davis Media Inc. Ziff Davis Media Inc. (www.ziffdavis.com) is a leading integrated media company serving the technology and videogame markets. Ziff Davis currently reaches over 26 million people a month through its portfolio of 15 websites, two award-winning magazines, consumer events and direct marketing services. The company is headquartered in New York and also has offices and labs in San Francisco. Ziff Davis exports its brands internationally in 45 countries and 13 languages.
Forward-Looking Statements
Except for historical information contained herein, the statements made in this release including anticipated future revenues and operating results, cash balances and cost savings, constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are subject to certain risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking statements. Such risks and uncertainties include risks associated with our existing defaults under our compounding notes and senior secured notes, a potential deterioration of our business due to our current restructuring efforts, a potential deterioration of the economic climate in general or with respect to the markets in which we operate, risks associated with new business investments, acquisitions, competition and seasonality and the other risks discussed in the Company's Annual Report on Form 10-K and other filings made with the Securities and Exchange Commission (which are available from the Company or at http://www.sec.gov ), which discussions are incorporated in this release by reference. These forward-looking statements speak only as of the date of this release. After the issuance of this release, the Company might come to believe that certain forward-looking statements contained in this release are no longer accurate. The Company shall not have any obligation to release publicly any corrections or revisions to any forward-looking statements contained in this release. No assurances may be given that the Court will approve the Plan described above or that the Plan will be implemented as described or at all.
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