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Ziff Davis sees bankruptcy exit as soon as June

Wed Apr 30, 2008 10:21am EDT

NEW YORK, April 30 (Reuters) - Ziff Davis Holdings Inc ZFDH.PK has worked out an agreement with more than 80 percent of its creditors that could allow it to emerge from bankruptcy protection as early as June, the media publisher said.

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The company, which publishes PC Magazine, Electronic Gaming magazine and about 15 Web sites, said in a statement late Monday that it would convert over $428 million in debt into new company stock and a loan note of no more than $57.5 million.

The company said it will ask the bankruptcy court to confirm the plan in June and expects to emerge from bankruptcy shortly thereafter.

Ziff Davis filed for bankruptcy protection in March after reaching an agreement to restructure its senior secured debt. (Reporting by Emily Chasan, editing by Mark Porter)

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