Penthouse Magazine Publisher Seeks Ch. 11 Protection

Law360, Wilmington (September 17, 2013, 2:22 PM EDT) -- The company that publishes Penthouse magazine and runs several adult entertainment and dating websites filed for Chapter 11 protection Tuesday in Delaware, citing a decrease in online revenues while maturity dates loom for its more than $500 million in debt.

FriendFinder Networks Inc., along with more than three dozen affiliates, said in court filings that they have been trying to restructure or refinance since October and are coming to bankruptcy court equipped with a recapitalization support agreement endorsed by holders of 80 percent of first-lien debt...
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