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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.