Local Insight Media Holdings expects to emerge from bankruptcy Nov. 18

By Caroline Salls

Pittsburgh, Nov. 4 - Local Insight Media Holdings, Inc. expects to emerge from Chapter 11 bankruptcy on Nov. 18, according to a company news release.

As previously reported, the company's plan of reorganization was confirmed on Thursday by the U.S. Bankruptcy Court for the District of Delaware.

"The court's confirmation of our plan paves the way for our emergence from Chapter 11 as a leaner company, better positioned to meet our advertisers' needs for local search solutions," interim president, chief executive officer and chief restructuring officer Scott Brubaker said in the release.

Under the plan, the company will emerge with a new credit facility and total debt reduced by more than 90%. Local Insight's senior secured debt will be exchanged for equity in the reorganized company.

Local Insight, an Englewood, Colo., publisher of print and online directories, filed for bankruptcy on Nov. 17, 2010. Its Chapter 11 case number is 10-13677.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.