BLOOMBERG – Nov 6 – FriendFinder Networks won court approval to seek creditors’ votes on its restructuring plan, which would turn the company over to noteholders. FriendFinder will seek court approval of its reorganization plan to exit bankruptcy at a hearing scheduled for Dec. 16. The company sought bankruptcy protection Sept. 17 listing assets of $465.3M and debt of $661.9M. The restructuring would cut about $300M in debt and reduce annual interest expenses by ~$50M. The reorganization plan is supported by ~78% of the holders.
by Michael Bathon
The full article was originally published at Bloomberg, but is no longer available.