Friday, March 07, 2008

Ziff-Davis going on bankruptcy


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.

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