Platinum Faces Fight to Sell Centerfield’s Make-or-Break Debt

Creditors for Centerfield Media are organizing to demand better terms on a refinancing deal — one that could determine whether or not the company risks adding to a spate of defaults from Platinum Equity-owned businesses.

The digital advertising firm was expected to price $785 million of senior secured notes last week ahead of an equivalent amount of debt maturing in August. Instead, a group of Centerfield creditors has tapped boutique investment bank Ducera Partners and law firm Paul Weiss Rifkind Wharton & Garrison to advise them on a counter-proposal, according to people familiar with the matter, who asked not to be named discussing private deliberations.