A U.S. Bankruptcy Court has OKed 1Up and EGM owner Ziff Davis' bankruptcy reorganization plans, the company said today, adding that it expects to emerge from Chapter 11 on July 1.
"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."
The plan, in a nutshell, splits the $428 million in debt between new stock and a $57.5 million debt.