The plan will help reduce Deluxe’s long-term debt by more than half providing it with access to $115 million in new financing to support its ongoing operations and investments.
Deluxe Entertainment, which filed for bankruptcy earlier this month, has received court approval for a refinancing plan – a prepackaged Chapter 11 plan of reorganization – that will save the company from collapse. The refinancing allows Deluxe to be 100% owned by a group of its existing lenders.
The plan will help reduce Deluxe’s long-term debt by more than half providing it with access to $115 million in new financing to support its ongoing operations and investments.
Deluxe, which also had operations in Dubai and later, Abu Dhabi, closed its operations in the country in April 2019.
Currently owned by billionaire financier Ron Perelman, Deluxe, which services Hollywood studios and other studios around the world, has its headquarters in Los Angeles and New York as well as operations in 38 media markets worldwide. It offers services such as visual effects, post-production, cloud distribution and localisation.
