National Enquirer: Publisher files for bankruptcy
November 18th, 2010 - 7:33 pm ICT by Aishwarya BhattNew York, Nov 18 (THAINDIAN NEWS) The National Enquirer Inc has filed for a Chapter 11 protection. The bankruptcy petition was filed at the United States Bankruptcy Court in Manhattan on Wednesday. The file was among the petition of American Media Inc. and 14 other affiliates aside the Enquirer.
The group is responsible for publishing The National Enquirer, Men’s Fitness, Star, Shape and other magazines in the United States. The group wants to restructure its financing and the group called the filing of the bankruptcy as the next stage of the process. The company reached an agreement with holders of 75% bond debt.
The American media revealed in a press briefing that it has a prepackaged bankruptcy plan. However the plan was not included in the documents that were filed at the court on Wednesday so that cannot be verified.
The American Media Chief Executive David Pecker said in a statement that the planned restructuring “will provide the company with the ability to compete even more aggressively with our peers in the industry,”. He claimed that the group plans to emerge from the bankruptcy in 60 days. The company is currently loaded with debt and the bankruptcy filing documents revealed that the company currently owes between half-a-billion and a billion dollars.
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Tags: american media inc, bankruptcy filing, bankruptcy petition, billion dollars, bond debt, chapter 11, chief executive, david pecker, fitness star, magazines, manhattan, national enquirer, peers, publisher files, restructuring, star shape, states bankruptcy court, United States Bankruptcy Court
