Like The Roman Catholic Archdiocese of Portland, Oregon in 2004, and MC Hammer in 1996, Ziff Davis Media Inc, which owns the 1UP network, has had to file for Chapter 11 bankruptcy proceedings in the United States.
According to the US government itself, "A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy." In the UK it would be seen as going into Administration. Effectively it enables indebted organisations (or in the case of Mr MC Hammer of individuals) to continue trading while arranging for debt payment or arrangement.
The company which is an "indirect wholly-owned subsidiary of Ziff Davis Holdings Inc" announced that it is restructuring its debt. This means that, "...to implement the restructuring and permanently improve its capital structure, Ziff Davis and certain of its affiliates today elected to file Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York (the "Court").
"Ziff Davis expects operations to continue as usual during the reorganization process and expects to emerge from Chapter 11 this summer."
Ziff Davis has stated a total debt of $500 million (£250m) to $1 billion (£500m) and total assets of $100 million (£50m) to $500 million (£250m).
Jason Young, Chief Executive Officer of Ziff Davis Media, said, "Operationally, we are also making great progress." He also pointed out that the company hoped to be out of Chapter 11 'protection' by the summer with, according to Young, no loss of jobs.
The case has been assigned to Judge Burton Lifland in the federal bankruptcy court in the Southern District of New York.
The full detail can be found at Ziff Davis (not to be confused with ZDnet).
See also:
The New York Times
The Associated Press
According to the US government itself, "A case filed under chapter 11 of the United States Bankruptcy Code is frequently referred to as a "reorganization" bankruptcy." In the UK it would be seen as going into Administration. Effectively it enables indebted organisations (or in the case of Mr MC Hammer of individuals) to continue trading while arranging for debt payment or arrangement.
The company which is an "indirect wholly-owned subsidiary of Ziff Davis Holdings Inc" announced that it is restructuring its debt. This means that, "...to implement the restructuring and permanently improve its capital structure, Ziff Davis and certain of its affiliates today elected to file Chapter 11 petitions in the U.S. Bankruptcy Court for the Southern District of New York (the "Court").
"Ziff Davis expects operations to continue as usual during the reorganization process and expects to emerge from Chapter 11 this summer."
Ziff Davis has stated a total debt of $500 million (£250m) to $1 billion (£500m) and total assets of $100 million (£50m) to $500 million (£250m).
Jason Young, Chief Executive Officer of Ziff Davis Media, said, "Operationally, we are also making great progress." He also pointed out that the company hoped to be out of Chapter 11 'protection' by the summer with, according to Young, no loss of jobs.
The case has been assigned to Judge Burton Lifland in the federal bankruptcy court in the Southern District of New York.
The full detail can be found at Ziff Davis (not to be confused with ZDnet).
See also:
The New York Times
The Associated Press