Jackson Hewitt Files Prepack Plan To Slash $350M Load

Law360, New York (May 24, 2011, 2:32 PM EDT) -- Jackson Hewitt Tax Service Inc. entered Chapter 11 bankruptcy protection Tuesday in Delaware with a prepackaged plan to restructure more than $350 million of debt and emerge as a privately held company.

The plan provides for a balance sheet restructuring that will discharge approximately $214 million in term loans and $141 million in outstanding revolver loans, with lenders receiving a share of $100 million in new term loans and all of the new equity in the tax preparer. The plan also envisions a new $115 million...
To view the full article, register now.