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Ziff Davis files for Chapter 11 Bankruptcy

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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