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custom4eyes

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custom4eyes

Re: RonnieD post# 1213

Tuesday, 06/29/2010 1:12:41 PM

Tuesday, June 29, 2010 1:12:41 PM

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That plan, approved April 19 and reaffirmed Monday, creates a new company for the Young Broadcasting assets, the New Young Broadcasting Holding Co., or NewCo. All common stock is to be placed in NewCo, with secured lenders receiving equity interests of $338 million. Credit Suisse, Oppenheimer, Highland Capital and Eaton Vance are among Young’s senior lenders. Young had $640 million in publicly traded debt when it filed for Chapter 11 in February 2009. The new company emerges debt free.
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