Business as usual for LBI Media– Company receives $38 million loan from existing lenders to support ordinary course operations
Elects to file for Chapter 11 to implement financial restructuring supported by 100% of its first lien debt
LOS ANGELES, Nov. 21, 2018 (GLOBE NEWSWIRE) — LBI Media, Inc. (“LBI” or the “Company”) today announced it is pursuing a financial restructuring in order to implement an agreement with 100% of the Companys senior lenders to reduce LBIs debt by more than $350 million. LBI has also received a commitment for a new $38 million loan from its senior lenders, which will support the Companys operations during the restructuring process. LBI will continue running its business in the ordinary course as a leading …
Read the full article at: https://globenewswire.com/news-release/2018/11/22/1655420/0/en/LBI-Media-Reaches-Agreement-to-Pursue-Financial-Restructuring-to-Reduce-Debt-and-Strengthen-Competitive-Position.html