Ziff Davis Media, publishers of EGM, Games for Windows Magazine, and 1UP.com, filed for Chapter 11 bankruptcy protection today, had a $390 million in debt. Details after the jump
Jason Young, CEO of Ziff Davis Media, framed it this way:
"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."
For those not in the know, chapter 11 just means they're down, but not necessarily out -- Apparently when the company anticipates emerging from bankruptcy later this summer it'll have whittled down its debt to under $60m, having given up nearly 90% of the company's equity to its private creditors.