Paul Hastings Advises Houlihan Lokey in Network Communications Debt Exchange Offer

January 10, 2011

New York, NY (January 10, 2010) - Paul, Hastings, Janofsky & Walker LLP, a leading global law firm, announced today that the firm represented Houlihan Lokey Inc. as exclusive dealer-manager for Network Communications, Inc.s $300 million out-of-court balance sheet restructuring and debt exchange offer, which closed on January 7, 2011.

Under the transaction, Network Communications extended and amended the companys existing revolving loan and term loan facilities, cancelled approximately $25 million in senior subordinated notes and exchanged approximately $175 million in senior notes for $45 million in new senior subordinated pay-in-kind notes and common stock.

Corporate partner Jeff Hartlin led the Paul Hastings team, which included associate Samantha Eldredge.

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