Penthouse Publisher Floats Ch. 11 Plan To Rework $565M Debt

Law360, Wilmington (September 23, 2013, 4:53 PM EDT) -- Bankrupt FriendFinder Networks Inc., which publishes Penthouse magazine and operates a collection of dating and adult entertainment websites, submitted a Chapter 11 reorganization plan Saturday that calls for restructuring more than $565 million in bondholder debt.

Filed in Delaware bankruptcy court, the proposed Chapter 11 plan envisions issuing new notes to senior creditors and debt-for-equity swap giving junior creditors 100 percent of the new stock in a reorganized company.

The Penthouse publisher and its affiliates “believe that the plan provides the best means currently available for...
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