Mood Media To File Ch. 11 Plan Seeking To Cut Debt By $404M

Law360 (June 26, 2020, 4:07 PM EDT) -- Mood Media Corp. announced Friday that it plans to file for Chapter 11 protection in Texas bankruptcy court with a proposed prepackaged financial restructuring plan, which the in-store media solutions company expects will reduce its debt by $404 million.

Austin-based Mood Media said in a statement that as of Friday more than 90% of its first lien term loan lenders and more than 70% of its second lien, so-called payment-in-kind note holders have signed on to the proposed reorganization plan. Additionally, more than 60% of Mood Media's equity holders have agreed to it, the statement says.

The company has already secured...

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