Another one bites the dust!
American Media Inc., which is the parent company of The National Enquirer and Star magazines, as well being in charge of all non-editorial functions involving Playboy magazine, has filed for Chapter 11 bankruptcy while it reorganizes!
According to reports:
“The Boca Raton, Florida-based publisher listed assets of less than $50,000 and debt of as much as $1 billion in its Chapter 11 filing today in U.S. Bankruptcy Court in Manhattan. A separate petition of operating subsidiary American Media Operations Inc.’s lists assets of $100 million to $500 million and debt of more than $1 billion. It terminated a previously proposed debt-exchange offer and announced on Nov. 1 that it would undertake a pre-packaged Chapter 11 filing."
Chairman and chief executive David Pecker said in a statement:
"The company is engaging in this strategy from a position of financial strength and confidence.”
Seems like that at least have some sort of plan, though!
Best of luck!