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Ziff Davis files for bancruptcy

Wednesday, 5th March 2008 22:20 GMT By Patrick Garratt

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.

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9 Comments

  1. Hero of Canton

    Does this mean 1Up.com dies a horrible, fiery death?

    #1 7 years ago
  2. patlike

    Nah. Says in that press release that they expect everything to carry on as normal. Sounds a little “sketchy” though.

    #2 7 years ago
  3. Hero of Canton

    Not that I WANT that to happen, you understand. Just…y’know. It’d be big news, that would.

    #3 7 years ago
  4. patlike

    It all sounds like it’s just a plan to shrug off some debt. I reckon 1UP will be round for a while yet :D

    #4 7 years ago
  5. scuz

    arrghhh nooo they own 1up and filefront.

    surely 1up can break off, so can filefront?

    #5 7 years ago
  6. Blerk

    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.

    #6 7 years ago
  7. patlike

    Ja, sounds very similar. None of the publications are going to be affected at all, from the sound of it.

    #7 7 years ago
  8. mart

    That’s what happens when you makes fun of davemaster42, 1up.

    #8 7 years ago
  9. patlike

    hahaha :D

    #9 7 years ago

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