Cygnus' Debt-Cutting Ch. 11 Plan Gets Court OK

Law360, New York (September 11, 2009, 6:42 PM EDT) -- Cygnus Business Media Inc. has won confirmation for a prepackaged Chapter 11 plan that allows it to trim away $146 million in secured debt, less than two months after seeking bankruptcy protection because one of 24 lenders refused to acquiesce to the terms of an out-of-court restructuring plan.

CommerceConnect Media Holdings Inc. — the parent company of Cygnus, which filed for bankruptcy along with Cygnus and two other affiliates on Aug. 3 — had its disclosure statement and reorganization plan approved by Judge Brendan L. Shannon...
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