Thu, Mar 06, 2008 | 17:44 GMT
Ziff Davis files for bancruptcy
According to this, 1UP publisher Ziff Davis has filed for Chapter 11. In other words, it’s gone bancrupt.
“Ziff Davis filed for bankruptcy in the Southern District of New York court today as part of a debt restructuring plan,” said that report.”
“This agreement underscores our Senior Secured Noteholders’ confidence in our ability to position ourselves for continued profitable growth,” CEO Jason Young said in a statement. “Today’s restructuring agreement goes a long way towards resolving the burdens of a debt load and capital structure established seven years ago, during a leveraged buyout of the company.”
Hit that link right now.
Update: Here’s the press release.
9 
Posted in: America, Internet, Journalism
Tags: ziff davis
9 comments
#1
Hero of Canton
05/03/08, 10:24 pm
Does this mean 1Up.com dies a horrible, fiery death?
#2
patlike
05/03/08, 10:32 pm
Nah. Says in that press release that they expect everything to carry on as normal. Sounds a little “sketchy” though.
#3
Hero of Canton
05/03/08, 10:46 pm
Not that I WANT that to happen, you understand. Just…y’know. It’d be big news, that would.
#4
patlike
05/03/08, 10:47 pm
It all sounds like it’s just a plan to shrug off some debt. I reckon 1UP will be round for a while yet
#5
scuz
05/03/08, 11:11 pm
arrghhh nooo they own 1up and filefront.
surely 1up can break off, so can filefront?
#6
Blerk
06/03/08, 8:40 am
When (cough) “the US arm of a company I know” filed for Chapter 11 it was just an excuse to sell all the assets to a new splinter company that they’d set up for 1pee and dump all their debts in the process.
Business is a rancid, evil world.
#7
patlike
06/03/08, 8:43 am
Ja, sounds very similar. None of the publications are going to be affected at all, from the sound of it.
#8
mart
06/03/08, 9:22 am
That’s what happens when you makes fun of davemaster42, 1up.
#9
patlike
06/03/08, 9:23 am
hahaha