Ziff Davis, the embattled business media firm, has finished up its Chapter 11 bankruptcy proceedings. The legalese: “it has reached an agreement with an ad hoc group of holders of more than 80% in principal amount of its Senior Secured Floating Rate Notes and the Official Committee of Unsecured Creditors on a consensual plan of reorganization (the “Plan”) that substantially de-leverages Ziff Davis’ balance sheet by converting over $428 million in funded indebtedness to (a) new common stock of reorganized Ziff Davis Media and (b) a new note that will not exceed $57.5 million.”

SEE ALSO: Ziff Davis’ Ch 11 Update: Revenue Projections And Liquidation Analysis; Print To Be Sold or Closed?

The plan provides Ziff Davis with sufficient cash to fund its exit from Chapter 11 as well as its ongoing business plan, it said. Additionally, the plan provides for two pools of cash for distribution to general unsecured creditors.The ad hoc noteholder group has agreed to set aside up to $24.5 million to fund the company’s operations during the Chapter 11 case as well as after the company emerges from Chapter 11.

ZD will ask the Bankruptcy Court to confirm the plan in June 2008, and expects to emerge from bankruptcy shortly thereafter.