Wednesday, January 28, 2015
Search
  
Submit your own News for
inclusion in our Site.
Click here...
Breaking News
Yahoo To Spin-Off Remaining Stake in Alibaba Group
Sony Mobile Reportedly Plans Massive Job Cuts
Apple Sells Record iPhones in Holiday Quarter, iWatch Coming in April
Microsoft Offers Power BI Business Intelligence Tools For Free
Apple Takes Top Spot in China's Smartphone Market
Dell M3800 Mobile Workstation Now Available With 4K Display
Twitter Gets Group Messaging and Video Recording
Microsoft Updates Xbox One Controller Firmware
Active Discussions
New match-3 puzzle game launch now!
Rimage 2000i
Sound card for my Laptop
hello
full screen wide screen
Hi
About the restriction problem of chapter quantity in DVD
Booktype utilities for LiteON and OEM DVD Recorders
 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 1998-2015 - All rights reserved -
Privacy policy - Contact Us .