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06 Mar 2008
Tech publishing giant Ziff Davis has filed for Chapter 11 bankruptcy protection.
The company cited a decrease in revenue after falling print subscriptions and advertising as the main reason for the filing, according to an Associated Press report.
Ziff Davis has holdings including PC Magazine and Electronic Gaming Monthly, and plans to undertake a major restructuring to reduce its debt.
The firm said that it has agreed to a deal with its senior creditors to exchange debt for stock.
"In light of the progress we have made with our senior secured creditors, and after careful consideration of all our alternatives, we have concluded that a court-supervised process will accelerate and finalise our restructuring while helping to ensure that current business operations continue," said chief executive Jason Young.
"Through this process, we will improve our capital structure and align it with the size of our current business operations."
Ziff Davis reportedly hopes to get out of bankruptcy protection by the middle of this summer.
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