From our front-page news:
It's not too often you see a mega-publisher claim bankruptcy, but that's exactly what Ziff Davis have gone ahead and done. Current Ziff Davis properties include 1UP.com, EGM, Games for Windows: The Official Magazine, FileFront, ExtremeTech, PC Magazine and others.
Claiming chapter 11 doesn't mean Ziff Davis is in serious trouble, and they are able to turn things around, which they are in the process of doing now. According to papers filed with the US Bankruptcy Court, Ziff Davis currently have a debt of between $500 million and $1 billion. Ouch.
But, not all is doom and gloom. According to a note on the 1UP blog by the VP of Content, things will get far better once they re-emerge from the "other side" of the problem. That's not exactly a solution for fixing the problem, but I doubt ZD have much to worry about regardless.
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Today's restructuring agreement goes a long way towards resolving the burdens of a debt load and capital structure established seven years ago, during a leveraged buyout of the company,'' Ziff Davis Media Chief Executive Officer Jason Young said in the statement.
Source: Bloomberg
Claiming chapter 11 doesn't mean Ziff Davis is in serious trouble, and they are able to turn things around, which they are in the process of doing now. According to papers filed with the US Bankruptcy Court, Ziff Davis currently have a debt of between $500 million and $1 billion. Ouch.
But, not all is doom and gloom. According to a note on the 1UP blog by the VP of Content, things will get far better once they re-emerge from the "other side" of the problem. That's not exactly a solution for fixing the problem, but I doubt ZD have much to worry about regardless.
<table align="center"><tbody><tr><td>
</td></tr></tbody></table>
Today's restructuring agreement goes a long way towards resolving the burdens of a debt load and capital structure established seven years ago, during a leveraged buyout of the company,'' Ziff Davis Media Chief Executive Officer Jason Young said in the statement.
Source: Bloomberg
