National Enquirer Files For Chapter 11 BankruptcyNovember 18th, 2010 - 8:40 pm ICT by GD
By Gina Gomez
Nov 18, (THAINDIAN NEWS) American Media Inc., the publisher for the Star supermarket tabloids and The National Enquirer filed for bankruptcy protection in the U.S. Bankruptcy Court. The media outlets reported that the publishers filed for Chapter 11 bankruptcy protection. Earlier this month the media sources were abuzz with the news that American Media Inc. has planned to file for bankruptcy and it has reported that 80% of its bondholders have agreed to pay for the debts of their equity exchange which made things easy for them to file for bankruptcy.
The company calls this bankruptcy as pre-packaged bankruptcy and it will give the company time to restructure their systems quickly and then make them come out of their situation within 60 days. American media has said that the bond holders have agreed to support the company and ready to pay more than 75% of their bond debt and nearly 70% of their bank debt. The media outlets reported that like many other tabloid publishers American Media Inc. had to make their way through weakened economy as owing to recession the advertisers reduced paying money. However, the company is still hopeful that it will make its way.
Moreover, as a bliss of modern technology, many readers have turned their taste from books and magazines to Internet. David Pecker, the chief executive of American Inc. said that the bankruptcy filing will not affect its publication schedules and staffing and American media will become “stronger and healthier” company after it emerges from bankruptcy. The media sources reported that American media and its 16 other affiliates has sought protection from U.S. bankruptcy court in Manhattan and the court documents show that the publishers have $1billion other liabilities.
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