National Enquirer Publisher Files for Chapter 11 Bankruptcy
November 18th, 2010 - 10:10 pm ICT by Angela Kaye Mason
Nov 18 (THAINDIAN NEWS) American Media Inc, which is the publisher for the well known gossip tabloids known as the ‘National Enquirer’ and ‘Star’ filed for Chapter 11 Bankruptcy Protection on Wednesday. American Media, which also produces ‘Men’s Fitness’ and other body-toning magazines, filed the “prepackaged” bankruptcy which is designed to allow them to restructure their company very quickly and come out of the Chapter 11 in sixty days.
The publishing company stated that they won the support for the plan from their holders by over seventy five percent of their bond debt and over seventy percent of their bank debt. Some of their creditors are expected to be paid in full, others will receive both cash and a new debt, and still others will be given stock in the company after it’s reorganization.
The company is struggling as many are with a weak economy, and with many reader’s turning to Internet sources for their gossip and news, many newspaper, magazine, and gossip tabloids are suffering financially.
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Tags: bank debt, body toning, bond debt, chapter 11 bankruptcy, chapter 11 bankruptcy protection, company stated that, creditors, economy, fitness, gossip, internet sources, magazines, national enquirer, publisher files, publishing company, reorganization, stock, tabloids
