Ziff Davis Files Bankruptcy, Gets $24.5M to “Restructure”

"Trade media company Ziff Davis has been in over its head for some time now. Things weren’t looking too good when the company lost Patrick Norton to Revision3 and sold off its Enterprise Division, and has seen a downward turn on the financial end, with debt restructuring and a seemingly damning decision to not pay its debt. Things have become even more dismal, with Ziff Davis electing to file Chapter 11 petitions for Bankruptcy, according to Paid Content.
This is a last ditch effort to restructure the debt of the company, and Ziff Davis has made an agreement with an ad hoc group of holders representing more than 80% in principal amount of its Senior Secured Notes, for getting the company’s debt down. Ziff Davis will continue operating its web properties, which include 1Up, PCMag and Digital Life, but filing for bankruptcy gives the company a chance to dig itself out. Ziff Davis will continue to work on the improvement of its overall company, in what looks to be a possible restructuring of its business model."