Caribe Media Nears Ch. 11 Deal With Lenders

Law360, Wilmington (May 5, 2011, 5:22 PM EDT) -- An attorney for Caribe Media Inc. said Thursday that the Latin American phone directory publisher was on the cusp of reaching a restructuring agreement with secured lenders that prodded the company into bankruptcy in Delaware.

The San Juan, Puerto Rico-based company filed for Chapter 11 protection Tuesday under pressure from secured lenders — owed $127 million — who demanded the move to preserve $44 million in claims stemming from allegedly improper dividends the publisher paid to affiliate Local Insight Media Inc.

However, Caribe Media is mere...
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