Penthouse Publisher Gets OK For $500M Restructuring Deal

Law360, Wilmington (October 11, 2013, 4:58 PM EDT) -- A Delaware bankruptcy judge gave the nod Friday to a transaction support agreement between the publisher of Penthouse magazine and the vast majority of its senior debt holders, allowing the company to restructure its more than $500 million in debt.

U.S. Bankruptcy Judge Christopher S. Sontchi approved FriendFinder Networks Inc.'s request after hearing from the company's attorneys that support for the recapitalization measure remained at 80 percent of senior debt holders.

“I am prepared to sign the order,” the judge said from the bench.

Under the...
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