Tarter Krinsky & Drogin client Ambassador Media Group obtained approval of its plan of reorganization on June 24, 2010 in the United States Bankruptcy Court for the Southern District of New York before the Hon. Stuart M. Bernstein.
The court approved the plan less than a year after the New York-based yellow pages publisher filed for Chapter 11 bankruptcy protection in July 2009. Although relations with the company’s senior secured lender were occasionally difficult, with TKD’s assistance, Ambassador succeeded in confirming a plan of reorganization that significantly reduces its unsecured debt, restructures its secured debt, and enables it to continue as an ongoing business in the New York metropolitan area.
“Ambassador’s plan is especially significant because it comes at a time when there are relatively few true Chapter 11 reorganizations, and many bankruptcy cases are resolved through asset sales rather than true reorganizations,” says Scott S. Markowitz, a Partner who leads TKD’s Bankruptcy and Corporate Reorganization Practice Group.
Prior results do not guarantee a similar outcome
