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EGM, 1UP Publisher Ziff Davis Files for Bankruptcy
by Nick Breckon, Mar 05, 2008 4:31pm PSTPublishing house Ziff Davis Media announced today that it has filed for Chapter 11 bankruptcy due to mounting debt that now totals between $500 million and $1 billion.
Ziff Davis is the publisher of such well-known gaming standards as 1UP.com, Electronic Gaming Monthly, Games for Windows, and PC Magazine.
If approved by the court, the company will be tasked with restructuring its finances. An ad hoc noteholder group is planning to pay up to $24.5 million to keep Ziff Davis afloat during the Chapter 11 case.
Comments
"I think in this case, we've had our big-ass debt reduced, with the bulk of it transferred into "equity". So I guess it means that the people we formerly owed all that money to now just own us instead. The theory is now that that has happened, they will be incentivized to *invest* money."
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