American Media Wins OK For $565M Financing In Ch. 11

Law360, New York (November 29, 2010, 6:40 PM EST) -- A bankruptcy judge has greenlighted a financing package of $565 million for National Enquirer publisher American Media Inc. and signed off on an agreement that formally commits stakeholders to the media company's Chapter 11 exit plan.

Judge Martin Glenn issued the rulings Monday in the U.S. Bankruptcy Court for the Southern District of New York granting requests to enter into the financing deals, which include $385 million in first-lien debt, $140 million in second-lien debt and a $40 million revolving credit facility.

Although he expressed reservations...
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