July 22, 2017 1:14 AM ET

Media

Company Overview of Back9Network, Inc.

Company Overview

Back9Network, Inc. operates as a golf lifestyle and entertainment television network and media company in Connecticut. The company covers and broadcasts professional golf tournaments focusing on storytelling, personalities and characters, features and fashions, interviews and instructions, travel, gear, and more. It also operates Back9Network.com, an online clubhouse that provides content with video storytelling, columns, coverage, and commentary from contributors worldwide. The company was founded in 2010 and is based in Hartford, Connecticut.

80 Statehouse Square

Suite 158

Hartford, CT 06103

United States

Founded in 2010

Phone:

860-560-5200

Fax:

860-371-2921

Key Executives for Back9Network, Inc.

Chief Executive Officer and Director
Co-Founder, Chief Administrative Officer and Executive Vice President
Senior Vice President of Digital Projects & Programming
Creative Director
Compensation as of Fiscal Year 2017.

Back9Network, Inc. Key Developments

Second Amended Reorganization Plan Approved for Back9Network, Inc.

The US Bankruptcy Court approved the second amended plan of reorganization of Back9Network Inc. on July 7, 2016. Debtor has filed second amended plan of reorganization on June 3, 2016. As per the approved plan, administrative claims of $0.4 million, priority tax claims of $0.03 million, and priority non-tax claims of $0.04 million will be paid through cash. DECD Claim of $4.92 million will be paid through issuance of amended debt agreement. General Unsecured Claims of $8 million will receive $1 million in cash and 10% of the new common stock of the reorganized debtor. Convertible Noteholder Claims of $6.17 million will receive 20% of the new common stock of the reorganized debtor. Preferred Interests holders will receive 10% of the new common stock of the reorganized debtor. Equity Interests will be cancelled. The plan will be funded through cash and issuance of new equity. DIP holder will provide additional funding of $1.5 million on effective date and in satisfaction will receive 51% of the new equity. On effective date, Back9 will be merged into Swing by Swing with Swing by Swing being the surviving corporation and the reorganized debtor. After the effective date, the reorganized debtor will establish an equity incentive plan for its management and employees, which plan will provide for incentive grants of up to 9% of the New Common Stock of the reorganized debtor.

Second Amended Reorganization Plan & Related Disclosure Statement Filed by Back9Network, Inc.

Back9Network, Inc. filed second amended plan of reorganization and related disclosure statement in the US Bankruptcy Court on June 3, 2016. As per the amended plan, priority tax claims has been estimated at $0.03 million. Treatment of all the classes of claims remain same as per the previous plan. The debtor filed a plan supplement in the court on June 16, 2016. As per the supplement filed, the outstanding claim amount under DECD Notes was $4.92 million and will be through amended debt agreement.

First Amended Reorganization Plan and Disclosure Statement Filed by Back9Network, Inc.

Back9Network, Inc. filed a first amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on May 25, 2016. As per the amended plan filed, the debtor has an estimated cash balance of $0.46 million. There shall be no changes in the treatment of any other claim class.

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Recent Private Companies Transactions

Type
Date
Target
No transactions available in the past 12 months.
 

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