Cygnus Media Restructures Debt Through Chapter 11

Cygnus reached an agreement with 23 out of 24 secured lenders on a financial restructuring deal that will swap debt-equity for the company’s secured debt. However, an out of court deal required a unanimous decision and the hold-out lender pushed Cygnus to file a prepackaged bankruptcy plan in Delaware Bankruptcy Court, in the hopes of swiftly ushering in the restructuring plan.