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Report: American Media to file for bankruptcy

Report: American Media to file for bankruptcy

The publisher of the National Enquirer and Men's Fitness announced it will file for bankruptcy in order to restructure, The New York Times reported late yesterday.

New York-based American Media's debt is seven times larger than its equity. It is expected to file for a "prepackaged" 60-day bankruptcy in the next two weeks, CEO David J. Pecker said in a statement.

Image: Sun-Sentinal

Eighty percent of the company's bondholders have agreed to a debt-for-equity exchange, which is necessary for the quick "prepackaged" bankruptcy, the company believes, explained.

The move will enable the Enquirer and its related publications "to compete even more aggressively with our peers in the industry," Pecker said, according to The Australian.


Leah McBride Mensching


2010-11-02 16:54

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