Ziff Davis Media, publisher of Electronic Gaming Monthly, PC Magazine, and 1up, has announced it has filed for Chapter 11 bankruptcy protection in order to restructure its debt and operations.According to BtoBonline, Ziff Davis Media has reached an agreement with an ad hoc group of noteholders, who will provide $24.5 million to fund the firm's operations and help plan the restructure.
Ziff Davis Media CEO, Jason Young said in a press release that "Today's restructuring agreement goes a long way towards resolving the burdens of a debt load and capital structure established seven years ago, during a leveraged buyout of the company."
If approved by the court, the restructuring would reduce Ziff Davis Media's $225 million senior-note debt.
There is currently no confirmation on what effect the restructuring will have on EGM, 1up or the firm's various PC magazines.
Advertisement
Related Stories
- Kodak files for Chapter 11, sues Samsung Jan 19th 2012 at 7:24AM
- Kodak to file for bankruptcy says WSJ Jan 6th 2012 at 6:04AM
- Circuit City to close all 567 stores Jan 16th 2009 at 5:00PM
- Circuit City receives interest from shareholder Jan 12th 2009 at 11:15AM
- PC Mag goes online-only Nov 21st 2008 at 12:10PM
- Circuit City files for bankruptcy protection Nov 10th 2008 at 2:46PM
- CE retail expresses concern over Circuit City Oct 29th 2008 at 11:31AM
- Circuit City may shut 150 stores Oct 21st 2008 at 12:45PM
- Analyst: Circuit City will go bankrupt Oct 14th 2008 at 12:18PM
