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Answers Prepackaged Bankruptcy Filing

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Privately-held Answers (a/k/a Answers.com, Multiply Media and Answers.com) and ten affiliated Debtors and affiliated Debtors filed for Chapter 11 protection with the U.S. Bankruptcy Court in the Southern District of New York, lead case number 17-10496 (Answers Holdings).

This Internet-based media company is represented by Christopher T. Greco of Kirland & Ellis. Concurrent with its Chapter 11 petition, the Company also filed with the Court a Joint Prepackaged Plan of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, “If confirmed and consummated, the Plan will: (i) significantly de-leverage the Debtors’ balance sheet; (ii) provide the Debtors with working capital to fund ongoing operations during the Chapter 11 Cases and post-emergence; (iii) distribute the New Common Stock and Warrants to the holders of First Lien Claims and Second Lien Claims, as applicable; (iv) allow holders of General Unsecured Claims to remain Unimpaired; and (v) maximize recoveries for all key stakeholders.”

Answers’ Chapter 11 petition indicates total assets greater than $100 million.

Read more bankruptcy news.

The post Answers Prepackaged Bankruptcy Filing appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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