Mood Media representative’s case closure request approved by court

By Caroline Salls

Pittsburgh, July 26 – Mood Media Corp.’s Chapter 15 bankruptcy case was closed on Wednesday by the U.S. Bankruptcy Court for the Southern District of New York.

As previously reported, foreign representative Michael F. Zendan II asked the court to close the case after the Ontario Superior Court approved the company’s plan of arrangement on June 20 and the U.S. court recognized the Canadian case as a foreign main proceeding on June 23.

The restructuring transactions were expected to be completed on June 28, the motion said.

As a result, Zendan said the purpose of the Chapter 15 case has been accomplished.

Under the plan of arrangement, new common shares of Mood Media will be exchanged for all of the company’s 9¼% notes, and the noteholders will receive new second-lien notes.

Noteholders will receive $500 principal amount of new company notes and up to 175 new common shares, as well as additional new common shares for noteholders who contribute new capital, per $1,000 principal amount of 9¼% notes held.

All outstanding common shares will be exchanged for C$0.17 in cash per share.

Mood Media is a Toronto-based designer of in-store consumer experiences. The company filed bankruptcy on May 22 under Chapter 15 case number 17-11413.

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