Ziff has hired Greenhill & Co. (News in Brief).Ziff Davis Media (Ziff Davis Media Inc., New York, www.ziffdavis.com) A leading integrated media company that serves the computer, videogame and consumer lifestyle markets. Its offerings include PC Magazine and the PCMag.com Network, which includes PCMag.com, ExtremeTech. (New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of ) secured a $16 million loan from lenders after Willis, Stein & Partners III, LP (New York), the primary investors in Ziff's parent company, agreed to back the loan. Ziff said that it used $15 million to pay its semiannual Semiannual An event that occurs twice in a calendar year. Notes: A bond with semiannual coupons would issue payment once every six months. See also: Annual, Bond, Coupon Bond interest payment on notes due 2010. As part of the deal, Ziff has entered into a forebearance agreement with its lenders, has agreed to a reduction in revolving loans from $30 million to $20 million, and has agreed to change the company's fiscal year from March 31 to Dec. 31. Also, Ziff has hired Greenhill & Co. (New York) to assist in evaluating alternatives for recapitalizing the company's long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . Ziff chairman Robert Callahan said that "(we) are focused squarely on the turnaround of this company. We are making solid progress on the operating side and now it is time to begin the process of reducing our debt burden..." |
|
||||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion