Ziff Davis files for Chapter 11 Bankruptcy
Posted Thursday, March 6th, 2008 2:23 pm by Abe Olandres
Viewed 2806 times | Related entries: PR Insider, Tech News
Media publisher Ziff Davis has just announced bankruptcy in a press release. Apparently, Ziff Davis Media Inc. has been under the red for an estimated debt of $225 million.
Chapter 11 is a chapter of the United States Bankruptcy Code, which permits reorganization under the bankruptcy laws of the United States. Chapter 11 bankruptcy is available to any business, whether organized as a corporation or sole proprietorship, or individual with unsecured debts of at least $336,900.00 or secured debts of at least $1,010,650.00, although it is most prominently used by corporate entities.
The company will still stay in business while a bankruptcy court supervises the “reorganization” of the company’s contractual and debt obligations.
Ziff Davis is the owner and publisher of PC Magazine, EGM, DigialLife.
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One Response to “Ziff Davis files for Chapter 11 Bankruptcy”
[...] PC Mag Philippines will stop publication and early this year, parent company Ziff-Davis filed for Chapter 11 bankruptcy. Now, PCMag the magazine will also cease [...]
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