Arab Today, arab today penthouse publisher files for bankruptcy
Last Updated : GMT 08:39:35
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.

arabstoday
arabstoday

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

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 Designer prepared new set of ornaments

GMT 02:45 2017 Wednesday ,28 June

Designer prepared new set of ornaments
Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today
Arab Today, arab today

GMT 08:23 2017 Saturday ,24 June

Actress Feryal Yussef received new drama offers

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 11:09 2017 Sunday ,25 June

HUAWEI P10 the ‘guru’ of portrait shots

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
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
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday