NextMedia Emerges From Bankruptcy
June 1, 2010 at 5:54 AM (PT)
NEXTMEDIA GROUP has completed its reorganization plan, which became effective THURSDAY (5/27), and has officially emerged from bankruptcy. The company, which now has $135 million in new debt financing, representing a net debt-to-EBITDA ratio of approximately 5.2x, and a new $55 million equity investment from new investors, said that it is in the process of satisfying all remaining obligations to its vendors and landlords in full.
"With the completion of our reorganization well within the accelerated timetable we set for ourselves, we have strengthened our financial position and are now solely focused on the execution of our operating and strategic plans," said President and CEO STEVE DINETZ. "The process has had no impact on our day-to-day operations, and did not result in any changes to our management team or employee headcount. Indeed, we continued to invest in our operations while restructuring – notably adding to our roster of digital outdoor displays and building out NEXTMEDIA360, our cross-platform radio and digital initiative. With our customer centric focus and strong financial footing, we are well positioned to continue to serve our clients, invest in our businesses and capitalize on the improving advertising environment."
NEXTMEDIA filed voluntary petitions for Chapter 11 reorganization in DECEMBER.