Deluxe Entertainment, the debt-burdened post-production services company, filed a prepackaged bankruptcy on Thursday, as it seeks to hand over the company to its debtholders.
The company announced last month that it had reached a debt-for-equity swap agreement with a majority of its lenders. At the time, the company hoped to avoid a bankruptcy filing by persuading all lenders to participate.
In a statement on Thursday, the company said all parties agreed that a “controlled, efficient, Court-supervised process” is the best way to achieve the exchange. The company has been owned by MacAndrews & Forbes, Ron Perelman’s holding company, since 2006. According to the company, the Chapter 11 filing will not affect employees and customers, and business will continue as usual.
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http://variety.com/2019/biz/news/deluxe-entertainment-prepackaged-bankruptcy-1203358036/
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