byte Posted July 29, 2002 Share Posted July 29, 2002 Ziff Davis Media, which was a major player in technology publishing with PC magazine & the now-closed Yahoo Internet Life, has been telling advertisers that it will be forced to enter a prepackaged bankruptcy by the end of this week, according to a major advertiser & two publishing executives who are close to the situation. Company officials had no comment on the potential bankruptcy, but acknowledged that there would be a financial restructuring by Friday. The company, which is principally owned by the investor group Willis Stein & Partners, had sought approval for a plan, arranged in May with key creditors, that would have cut its $450 million debt by $155 million & cut its annual interest payments $30 million without a bankruptcy proceeding. Read More:NY Times Link to comment Share on other sites More sharing options...
Steven Posted July 29, 2002 Share Posted July 29, 2002 Originally posted by byte Ziff Davis Media, which was a major player in technology publishing with PC magazine & the now-closed Yahoo Internet Life, has been telling advertisers that it will be forced to enter a prepackaged bankruptcy by the end of this week, according to a major advertiser & two publishing executives who are close to the situation. Company officials had no comment on the potential bankruptcy, but acknowledged that there would be a financial restructuring by Friday. The company, which is principally owned by the investor group Willis Stein & Partners, had sought approval for a plan, arranged in May with key creditors, that would have cut its $450 million debt by $155 million & cut its annual interest payments $30 million without a bankruptcy proceeding. Read More:NY Times so does this mean that zdnet.com and cnet are on the way out too? Link to comment Share on other sites More sharing options...
byte Posted July 29, 2002 Author Share Posted July 29, 2002 Originally posted by xStainDx so does this mean that zdnet.com and cnet are on the way out too? I'm wondering the same thing :( Link to comment Share on other sites More sharing options...
Tesseract Posted July 29, 2002 Share Posted July 29, 2002 Yeah and what about PC Mag and their other magazines? :( Link to comment Share on other sites More sharing options...
Apollo Posted July 29, 2002 Share Posted July 29, 2002 :ermm: that's a bummer if cnet and zdnet go under the imformatic world will lose a lot but it's better than Neowin going down hehe Link to comment Share on other sites More sharing options...
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