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.