Sunday, December 21, 2014
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Samsung Introduces SE790C Curved Monitor
Chinese Motion-sensing VR Glasses Coming On Kickstarter
Kodak Returns To CES With Consumer Product Line
North Korea Suggests Joint Inverstigation With U.S. Over Sony Hacking
T-Mobile to Pay $90 Million To Settle Case With FCC
New Trojan Targetted Banks Wordlwide
FBI Confirms North Korea Was Behind Sony Hack
Apple Responds To BBC's Allegations Over Working Conditions In Chinese Factory
Active Discussions
Digital Audio Extraction and Plextools
Will there be any trade in scheme for the coming PSP Go?
Hello, Glad to be Aboard!!!
Best optical drive for ripping CD's? My LG 4163B is mediocre.
Hi All!
cdrw trouble
CDR for car Sat Nav
DVD/DL for Optiarc 7191S at 8X
 Home > News > General Computing > Ziff Da...
Last 7 Days News : SU MO TU WE TH FR SA All News

Friday, March 07, 2008
Ziff Davis Media Files for Bankruptcy


Ziff Davis Media Inc., publisher of technology and video game magazines, filed for bankruptcy on Wednesday and cited a decrease in revenue from print advertising and subscriptions as contributing to its decline.

But the company said it expected to reorganize quickly and exit court protection by midsummer.

New York-based Ziff Davis said in a court filing that it had about $500 million in liabilities and $313 million worth of assets, as of the end of December. It filed for Chapter 11 protection to restructure debt that had become burdensome.

The company is the publisher of PC Magazine and Electronic Gaming Monthly and Web versions of those magazines.

Ziff Davis reached an agreement with senior creditors, to whom it owes $225 million. Under the deal, the senior creditors will be owed $57.5 million and at least 88.8 percent of the common stock in the company once it emerges.

The company was unable to reach an agreement with more junior creditors, and is looking to use the court process to resolve that. Another 11.2 percent of the reorganized company's stock is available for distribution to those debt holders under the company's current proposal, but those creditors are likely to seek more equity in court.

Creditors have set aside $24.5 million to fund the company's operations during the case and after it concludes. The company's filing states there are between 1,000 to 5,000 creditors.

The case has been assigned to Judge Burton Lifland in the federal bankruptcy court in the Southern District of New York.


Previous
Next
Microsoft in Talks For Blu-ray Xbox 360        All News        Pioneer Announces Restructuring Plans for its Display Business
T-Ray Camera "Sees" Through Clothes     General Computing News      EU to Clear Google/DoubleClick Merger: Report

Get RSS feed Easy Print E-Mail this Message

Most Popular News
 
Home | News | All News | Reviews | Articles | Guides | Download | Expert Area | Forum | Site Info
Site best viewed at 1024x768+ - CDRINFO.COM 1998-2014 - All rights reserved -
Privacy policy - Contact Us .