PBC News:Taylor Media goes for Central Park Media

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This article is part of PBC News, your source for up-to-the-minute anime.

29 April 2009 

Taylor Media CEO announced plans Monday to add 11,500 U.S. jobs by 2010, rename its storied Central Park Media brand and raise 20% of its anime broadcasting network in its latest bid to stay in business.

The new restructuring proposal will leave th, and thus former employees, owning a significant stake in Taylor Media. CPM would accept Taylor Media stock, rather than cash, for repayment of about $5 million that the government has already lent to CPM.

Trust funds controlled by the Big Apple Anime union would also hold a significant shake in the company. Between them, Taylor Media and the executives would own 44.5% of CPM.

Taylor Media also announced an offer to its bondholders to swap $12 million of the company’s $13.5 million in unsecured debt for stock. Taylor Media is offering bondholders 112 shares of its stock for every $500 CPM owes its' debtors in principal.