Printer Friendly

FNN FILES PLAN OF REORGANIZATION WITH BANKRUPTCY COURT

       FNN FILES PLAN OF REORGANIZATION WITH BANKRUPTCY COURT
    NEW YORK, Nov. 19 /PRNewswire/ -- Financial News Network Inc. (NASDAQ: FNNIQ) announced today that, as previously anticipated, it has filed a plan of reorganization and disclosure statement with the United States Bankruptcy Court for the Southern District of New York.
    Under the proposed plan, FNN will consolidate the ongoing operations of its market data service businesses.  FNN will combine the operations of Data Broadcasting Corporation's stock quote services for individual investors (Signal, QuoTrek and MarketWatch) with the professional stock quote services available through Shark Information Services Corporation.  FNN plans to acquire the remaining 51 percent of Shark that it does not yet own, from Infotechnology, Inc.
    The plan furthermore proposes to generate distributions that include a major cash component to unsecured creditors, including the leasing creditors, in the approximate amount of 57 percent of their allowed claims.  The plan also proposes to vest the ownership of the restructured FNN with current shareholders, management and various other constituencies.  Upon the exercise of certain options provided under the plan, the leasing creditors may acquire up to 20 percent of restructured FNN.
    FNN co-chief executives, Allan R. Tessler and Alan J. Hirschfield, said:  "We are gratified that FNN was able to file its reorganization plan with the court today.  Following the successful sale of FNN's most well known assets, we are pleased to be able to restructure the remaining assets so as to present creditors and equity holders with reasonable returns on their claims and investments."
    FNN filed a petition for reorganization under Chapter 11 of the Federal Bankruptcy Code in March 1991, and sold its media business, which featured the premiere FNN cable television network, to CNBC for in excess of $154 million in May 1991.  Also in May 1991, FNN sold its position in The Learning Channel national cable network to The Discovery Channel for approximately $11 million.
    The bankruptcy court has not yet set a date, but a hearing on the plan and the disclosure statement is anticipated to be held in early January 1992.
    -0-               11/19/91
    /CONTACT:  Amber Gordon for Financial News Network, 703-359-6236/
    (FNNIQ) CO:  Financial News Network ST:  New York IN:  PUB SU: TW -- DC023 -- 5115 11/19/91 16:49 EST
COPYRIGHT 1991 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1991 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 19, 1991
Words:375
Previous Article:LINCOLN N.C. REALTY FUND ANNOUNCES DIVIDEND
Next Article:MICHIGAN HIGHWAY PROGRAM SLOWING TO A HALT
Topics:


Related Articles
FNN FILES AMENDED PLAN OF REORGANIZATION WITH BANKRUPTCY COURT
FNN RECEIVES COURT APPROVAL OF DISCLOSURE STATEMENT FOR REORGANIZATION PLAN; AMENDED PLAN OF REORGANIZATION SET FOR VOTE
DATA BROADCASTING CORPORATION FILES ANNUAL REPORT ON FORM 10-K
DATA BROADCASTING CORP. ANNOUNCES FINALIZATION OF CNBC APPEAL; DISTRIBUTION OF ADDITIONAL MONIES COMPLETED

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters