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Ziff Davis Media files for bankruptcy
Posted: March 6, 2008 - 7:07 am by Jesse

Heres some crazy morning news for you.  The media firm house behind the popular gaming publications 1up and Electronic Gaming Monthly has filed for Chapter 11.

The firm is initially saying that operations will resume as normal and we should see no change in service.  They are planning to be out of Chapter 11 status by this summer.

It would appear that they needed to file Chapter 11 in order to implement a new restructuring agreement...

with an ad hoc group of holders of more than 80 percent in principal amount of its Senior Secured Floating Rate Notes ... on the terms of a restructuring to reduce substantially the Company’s funded indebtedness

I hope that this all will just blow over into the summer.  I really like the 1up yours podcast and the 1up show.

NextGen

 

Reader Comments

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Jeremy
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March 6, 2008 - 7:33 am
EGM sucks, and shall not be missed
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Scott
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March 6, 2008 - 12:30 pm
lol, it prolly all stems from the fact that DK came on Shooty's EGM. ~_^
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xekushnr
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March 6, 2008 - 2:31 pm
Wow, that's crazy. I haven't read EGM much over the past few years but I was under the impression that they were doing great.
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Matt
March 6, 2008 - 2:56 pm
I think they are. Chapter 11 just gives the company protection while they restructure.
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NightshadeEx
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March 7, 2008 - 12:07 am
I sure was hoping they'd have to close down. EGM died in 2002 when they changed formats again or they truly died when ZD took over. I remember when they were a respectable mag... Sushi X, I miss thee.

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