arabtoday
Last Updated : GMT 22:26:10
Arab Today, arab today
Arab Today, arab today

Penthouse publisher files for bankruptcy

Arab Today, arab today

Arab Today, arab today Penthouse publisher files for bankruptcy

San Francisco - AFP

The publisher of Penthouse magazine said Tuesday it filed for bankruptcy, seeking approval of a deal with most creditors to eliminate some $300 million in debt. California-based FriendFinder Networks Inc. said it reached an agreement with key stakeholders on the plan, which would return control of the company to its founders. Besides publishing Penthouse, FriendFinder Networks operates a number of adult-oriented social networking sites including AdultFriendFinder.com, Amigos.com, AsiaFriendFinder.com and SeniorFriendFinder.com. The company lost $49.4 million last year, and $10.3 million in the past quarter. The group said holders of most of the secured debt agreed to the plan, which is subject to approval by the bankruptcy court in Delware. The plan would convert some of the debt to new common stock, and the existing shares would be canceled. The plan is expected to reduce annual interest expense by over $50 million, and eliminate approximately $300 million of secured debt, FFN said. \"The Chapter 11 filing is the most efficient and cost-effective way for the company to implement the transaction support agreement while continuing to operate our business,\" chief executive Anthony Previte said. \"All operations will continue as normal throughout this process. Importantly, nothing about the user experience is going to change and we anticipate that all of our affiliates will continue to be paid in the ordinary course of business during the Chapter 11 process.\" Bob Guccione began publication of Penthouse in Britain in 1965 and four years later in the United States, earning him a fortune estimated at $400 million at one point with the smuttier alternative to Hugh Hefner\'s Playboy. But as the Internet become dominant in porn, Penthouse publisher General Media Inc., which was 85 percent owned by Guccione, filed for bankruptcy in 2003, which led to its acquisition by FriendFinder Networks. Guccione died in 2010 after a battle with cancer.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today penthouse publisher files for bankruptcy Arab Today, arab today penthouse publisher files for bankruptcy

 



Arab Today, arab today
Arab Today, arab today Adidas Originals ‘reinterpreted’

GMT 14:52 2016 Thursday ,01 December

Adidas Originals ‘reinterpreted’
Arab Today, arab today Ajman Tourism launches time capsule

GMT 13:17 2016 Friday ,25 November

Ajman Tourism launches time capsule
Arab Today, arab today Paris's matchbox apartments

GMT 10:37 2016 Saturday ,24 September

Paris's matchbox apartments
Arab Today, arab today US-led coalition admits 54 deaths

GMT 08:47 2016 Friday ,02 December

US-led coalition admits 54 deaths
Arab Today, arab today French satire mag hits Germany

GMT 09:52 2016 Thursday ,01 December

French satire mag hits Germany
View News in Arabic - Business: نفط وبتروكيماويات
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Dino-killing crater shows clues

GMT 14:43 2016 Thursday ,24 November

Dino-killing crater shows clues
Arab Today, arab today Punk memorabilia torched

GMT 13:52 2016 Monday ,28 November

Punk memorabilia torched
Arab Today, arab today Green groups pressure Spain

GMT 13:01 2016 Thursday ,01 December

Green groups pressure Spain
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today Hyundai allows Saudi journalists

GMT 15:14 2016 Thursday ,01 December

Hyundai allows Saudi journalists
Arab Today, arab today Latest Infiniti QX to compete

GMT 13:16 2016 Saturday ,26 November

Latest Infiniti QX to compete
Arab Today, arab today To find German funny bone

GMT 12:45 2016 Tuesday ,29 November

To find German funny bone
Arab Today, arab today Car manufacturers to power Europe

GMT 13:01 2016 Tuesday ,29 November

Car manufacturers to power Europe

GMT 08:49 2016 Monday ,28 November

Israeli Arab rapper's music provokes

GMT 11:55 2016 Monday ,21 November

Amal Al-Qubaisi attends reception

GMT 04:15 2016 Thursday ,30 June

World's largest uncut diamond fails

GMT 12:39 2016 Friday ,25 November

Arctic 9-12C above normal

GMT 15:59 2015 Wednesday ,27 May

Seoul elevates gardening to high art

GMT 12:39 2016 Saturday ,26 November

Skin patch could help kids

GMT 09:35 2016 Saturday ,19 November

Hyperloop One settles co-founder

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 09:53 2016 Sunday ,15 May

OMEGA official timekeepers
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Powered and Developed by FilmMatters

Copyright © 2016 Arabtoday

Developed by FilmMatters

© 2016 Arabtoday

arabtoday arabtoday arabtoday
arabtoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabtoday, Arabtoday, Arabtoday