BURBANK, Calif.–(BUSINESS WIRE)–Apr 17, 2019–LBI Media, Inc. and its affiliates (LBI or the Company) today received approval of its Third Amended Plan of Reorganization (the Plan) from the United States Bankruptcy Court for the District of Delaware. The Company now expects to complete its balance sheet restructuring and successfully emerge from chapter 11 within the next several months, subject to regulatory approval.
Under the terms of the Plan, which is supported by all of the Companys major creditor groups and sponsored by HPS Investment Partners, LLC (HPS), the Company will eliminate approximately $350 million of debt from its balance sheet and HPS will receive 100% of the new equity interests in the Company. The Companys general u…
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