Caribe Media Ch. 11 Plan Gives Lenders Control Of Co.

Law360, New York (August 24, 2011, 1:34 PM EDT) -- Caribe Media Inc., a publisher of telephone directories in Puerto Rico and the Dominican Republic, filed a Chapter 11 plan in Delaware on Friday that would transfer the company to senior lenders owed $127 million.

The plan aims to hand senior lenders all the stock in the reorganized company and grant them a share of a $55 million loan, while subordinated noteholders with $58.5 million in claims will be wiped out.

Even though the telephone directory publisher faces numerous challenges and an uncertain future, Caribe Media...
To view the full article, register now.