After extending its “final” deadline no fewer than four times, Ziff Davis has gotten the requisite 95 percent (actually, it’s 95.1 percent, at last count, thank you very much) of its bondholders to agree to swap their bonds for cash and equity in the company. The result gives Ziff an extra $30 million in breathing room a year — no small matter, these days. With that $30 million, for instance, they could have afforded to keep Yahoo! Internet Life and Sm@rtPartner running, with enough extra to buy a couple of beers besides.
There’s a hint about what held up the deal for two weeks. In its most recent press release, Ziff says it will pay one (unnamed) bondholder $720,000 for the stock he’ll be getting in exchange for his bonds. In other words, someone’s had enough and wanted to cash out.