A U.S. Bankruptcy Court has OKed 1Up and EGM owner Ziff Davis' bankruptcy reorganization plans, the company said today, adding that it expects to emerge from Chapter 11 on July 1.

?The Court?s confirmation of our Plan is a major milestone for Ziff Davis as we look to emerge from Chapter 11 restructuring,? said Jason Young, Chief Executive Officer of Ziff Davis Media. ?We are very proud of the progress we have made during our short time in Chapter 11 to become a healthier company. We remain grateful for the unwavering support of our customers, vendors and employees throughout this process and we look forward to continuing our work with all of our stakeholders after our emergence. After concluding our restructuring, we will be better positioned, with the financial strength to grow and capitalize on our strengths.?

The plan, in a nutshell, splits the $428 million in debt between new stock and a $57.5 million debt.

I'm happy to see that both 1Up and EGM survived the turmoil. Let's hope that they both recover as stronger entities than when ZD first filed.

Court Confirms Ziff Davis Media?s Plan Of Reorganization

Company Expects to Emerge From Chapter 11 on July 1, 2008

NEW YORK—(BUSINESS WIRE)—Ziff Davis Media Inc. (?Ziff Davis? or the ?Company?), an indirect wholly-owned subsidiary of Ziff Davis Holdings Inc., today announced that the U.S. Bankruptcy Court for the Southern District of New York (the "Court") confirmed Ziff Davis?s ?Second Amended Joint Chapter 11 Plan Of Reorganization,? dated May 6, 2008 (the ?Plan?). Ziff Davis currently expects to emerge from Chapter 11 on July 1, 2008.

?The Court?s confirmation of our Plan is a major milestone for Ziff Davis as we look to emerge from Chapter 11 restructuring,? said Jason Young, Chief Executive Officer of Ziff Davis Media. ?We are very proud of the progress we have made during our short time in Chapter 11 to become a healthier company. We remain grateful for the unwavering support of our customers, vendors and employees throughout this process and we look forward to continuing our work with all of our stakeholders after our emergence. After concluding our restructuring, we will be better positioned, with the financial strength to grow and capitalize on our strengths.?

As previously announced, the Plan substantially de-leverages Ziff Davis?s balance sheet by converting over $428 million in funded indebtedness to (a) new common stock of reorganized Ziff Davis Media and (b) a new note of $57.5 million. The acceptance of the Plan by voting creditors was overwhelming. The Plan provides Ziff Davis with sufficient cash to fund its exit from Chapter 11 as well as its ongoing business plan. This funding will enable the Company to finance its Chapter 11 exit obligations as well as ongoing operations for the foreseeable future.

More information about Ziff Davis's reorganization, including the Plan and Disclosure Statement, are available at www.bmcgroup.com.