If you click on a link and make a purchase we may receive a small commission. Read our editorial policy.

Court greenlights Ziff bankruptcy plan

A US court has given to go ahead for Ziff Davis, owner of 1UP and EGM, to commence with a bankruptcy restructuring plan designed to clear nearly $500 million in debt.

“The Court’s confirmation of our Plan is a major milestone for Ziff Davis as we look to emerge from Chapter 11 restructuring,” said Jason Young, Chief Executive Officer of Ziff Davis Media.

“We are very proud of the progress we have made during our short time in Chapter 11 to become a healthier company. We remain grateful for the unwavering support of our customers, vendors and employees throughout this process and we look forward to continuing our work with all of our stakeholders after our emergence. After concluding our restructuring, we will be better positioned, with the financial strength to grow and capitalize on our strengths.”

The company expects to emerge from Chapter 11 on July 1.

More on Kotaku.

Sign in and unlock a world of features

Get access to commenting, homepage personalisation, newsletters, and more!

Related topics
About the Author
Patrick Garratt avatar

Patrick Garratt

Founder & Publisher (Former)

Patrick Garratt is a games media legend - and not just by reputation. He was named as such in the UK's 'Games Media Awards', the equivalent of a lifetime achievement award. After garnering experience on countless gaming magazines, he joined Eurogamer and later split from that brand to create VG247, putting the site on the map with fast, 24-hour a day coverage, and assembling the site's earliest editorial teams. He retired from VG247, and the games industry, in 2017.

Comments