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Dex Media Disclosure Statement Approved, Plan Confirmed

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The U.S. Bankruptcy Court approved Dex Media’s Disclosure Statement and concurrently confirmed the Company’s Amended Joint Prepackaged Chapter 11 Plan Reorganization.

Joe Walsh, Dex Media’s president and C.E.O., comments, “Today’s confirmation of our Plan by the Court is the final legal step in securing the capital structure we need to execute our strategy and achieve long-term, sustainable growth. When the Plan becomes effective and we emerge from Chapter 11, we will have enhanced financial flexibility to deepen our investment in our products and services so that we remain on the cutting edge of helping local businesses thrive in today’s highly competitive and dynamic market.”

Material terms of the confirmed Plan include the following: Total debt will be reduced from $2.4 billion to $600 million; Senior secured lenders will exchange their current $2.12 billion in claims for a new $600 million first-lien term loan, 100% of the equity of the reorganized Dex Media (subject to dilution from a management incentive plan) and a cash distribution upon emergence from bankruptcy; Unsecured noteholders will receive a $5 million cash payment and warrants to purchase up to 10% of the post-reorganized equity in exchange for their approximately $300 million in claims. All allowed trade vendor claims will be paid in full.

This marketing solutions’ provider filed for Chapter 11 protection on May 16, 2016, listing $1.3 billion in pre-petition assets. Read more Dex Media bankruptcy news.

The post Dex Media Disclosure Statement Approved, Plan Confirmed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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