Jennifer Lopez-Backed Fuse Files for Bankruptcy Amid Losses
- Loss of Verizon, Comcast business diminished subscriber base
- Company aims to reduce secured debt by around $200 million
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Fuse Media Inc., an American television broadcasting company backed by Jennifer Lopez, filed for bankruptcy with a pre-negotiated plan that will cut about $200 million of secured debt.
The Glendale, California-based company filed for Chapter 11 protection after losing millions of subscribers. Fuse listed $201.2 million in assets against $242 million in debt, according to papers filed late Monday in U.S. Bankruptcy Court in Delaware. The company’s 10.375 percent secured notes due in July traded at around 24 cents on the dollar on Feb. 13, according to Trace bond trading data.