Deluxe Entertainment to Emerge From Bankruptcy in Under a Month

Oct. 24, 2019, 4:29 PM

Deluxe Entertainment Services Group Inc. got court approval to emerge for bankruptcy in less than a month, cutting its more than $1 billion debt load by around 73% and handing complete ownership to its creditors.

The media company shrunk its debt load by allowing lenders exchange their loans for a 100% equity stake in the company. The plan, which was accepted by all of the voting classes and confirmed by U.S. Bankruptcy Judge Robert Drain on Thursday, shrinks Deluxe’s existing debt load by around $800 million.

Deluxe filed for Chapter 11 on Oct. 3 after months of negotiations with ...

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