Despite getting backing from Jennifer Lopez, American television broadcasting company Fuse Media filed for Chapter 11 protection after losing millions of subscribers. They have made a pre-negotiated plan that will cut about $200 million of secured debt, which is supported by nearly 82 percent of the company’s noteholders. According to papers filed late Monday (April 22) in U.S. Bankruptcy Court in Delaware, Fuse listed $201.2 million in assets against $242 million in debt.
Mike Roggero, Fuse’s chief financial officer and interim chief executive officer, released a statement about the decision, which read, "Unlike many other companies in our industry, Fuse has been experiencing growth across platforms, but we have been unable to realize the full benefits of this progress because of the significant amount of debt on our balance sheet."
Source: Yahoo! Finance
