Ziff Davis Wraps Up Restructuring, Cuts Debt

Back in March 1Up promised that all of that nasty business with parent company Ziff Davis' bankruptcy would soon be behind them and that they would be a stronger publication for it.

Today, speaking at the 11th Annual Electronic Gaming Summit, Ziff Davis Media CEO Jason Young told the gathered summit members that the restructuring process will be wrapped up in June. More importantly, he noted that their $400 million debt will be reduced to a paltry $57 million, leaving them with the cash flow to invest back in their products, which includes 1Up, EGM and GameVideos.

Sounds like Simon Cox, , Vice President of Content for the 1UP network, hit the nail on the head when he said they would be bigger, better, faster, stronger when they came out of the restructuring.

Stay tuned later today for reports on talks given to this small group by Microsoft's Jeff Bell;, analyst Michael Pachter; Tanya Giles, of MTV; and the always energetic Peter Moore.