Ziff Davis, parent company to EGM, Games for Windows magazine, and the 1up Network, has filed for bankruptcy. Don’t worry, they aren’t going under, just using this as an out to reduce a shit-ton of debt.
Ziff Davis Media plans to swap $225 million of existing senior debt for a new $57.5 million senior secured note and at least 88.8 percent of the common stock in the reorganized company. The New York-based company has a debt-restructuring agreement with senior noteholders, it said today in a statement. Subordinated noteholders haven’t agreed to the restructuring.
That’s a lot of debt. Looks like someone got tired of credit agencies calling in. Hopefully this works out for them.
[via Bloomberg]
7 Comments
Write a Comment»I wonder if my free subscriptions to EGM and Games For Windows has anything to do with this.
I think PWNED seems rather apt in this case. EGM is a waste of printed media.
wait, I registered for the free EGM ;( what does that mean? o.o
lol, I think it means you’re not getting them.
what the fuck? ;( your right, I registered around two months ago
FUCK!
I did as well. IT’s okay I paid for Sub awhile back. The yearly issues should be over soon anyways.
Well at least mine was free, so no harm but stil….