FriendFinder Networks noteholders take control of company
Clients FriendFinders noteholders
Jones Day represented two individuals who held more than two thirds of $330 million in second lien notes issued by FriendFinder Networks, Inc. FriendFinder and its subsidiaries are a leading Internet-based social networking and technology company operating several of the most heavily-trafficked websites in the world. Jones Day advised the Second Lien Noteholders with respect to the negotiation and implementation of a plan of reorganization that de-levered FriendFinder through the conversion of over $330 million of second lien debt into equity and the refinancing of more than $230 million of first lien notes. Jones Day worked with other professionals to consummate the restructuring in just a three month span to avoid potential tax consequences to Jones Day’s clients, who upon emergence received cash distributions and more than 70% of the equity in the reorganized company after its emergence on December 20, 2013 and its conversion from a publicly traded company to a privately held company.