American Media Inc. and 16 affiliated entities filed for Chapter 11 protection Nov. 17 in the U.S. Bankruptcy Court for the Southern District of New York (In re American Media Inc.).
Pre-Packaged Plan.
The Boca Raton, Fla.-based company commenced the next phase of its restructuring, according to a Nov. 17 company news release, which is expected to significantly de-lever its balance sheet and improve its already strong cash flow and cash on hand. Consistent with the terms of the restructuring support agreement, the company signed with bondholders holding more than 75 percent of their bond debt and secured ...
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