National Enquirer Publisher Plans Prepack Ch. 11

Law360, New York (November 1, 2010, 2:03 PM EDT) -- American Media Inc., the publisher of the National Enquirer, said Monday that it planned to file a prepackaged Chapter 11 plan that entails carrying out a debt-for-equity swap with bondholders.

80 percent of bondholders have already agreed to support the restructuring, the company said.

American Media is seeking Chapter 11 protection in two weeks if enough creditors approve its prepackaged plan and said it hoped to emerge from bankruptcy in less than 60 days.

The private company, which is owned by a group of investment firms...
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