BREAKING NEWS & VIEWS
American Media Emerges from Bankruptcy
Wednesday, December 29, 2010
The official end to National Enquirer/Shape/Star parent American Media Inc.'s Chapter 11 bankruptcy filing came at 5 p.m. (Eastern) on Wednesday, Dec. 22. The news became a fait accompli after U.S. Bankruptcy Court judge Martin Glenn's Dec. 20 approval of AMI president/chairman/CEO (since April 1999) David Pecker's prepackaged plan to convert bondholders into shareholders and eliminate $355 million in debt. The bankruptcy lasted just five weeks: Nov. 17-Dec. 22.
In an interview with Bloomberg News, Pecker said that the restructuring gives AMI an annual cash flow of $50 million. "I will now be able to look for potential magazine and digital acquisitions," he said. The last major AMI deal was the Nov. 2002 purchase of Weider Publications (Shape/Muscle & Fitness, etc.) for $350 million.
If you have breaking news to share please contact min's editors.
Up and Coming
Breakfast with the minsiders
Feb. 25 | NYC
Best Sellers in Media Awards - Call for Entries
Deadline: March 6
Winter Reading Survey
Chance to Win a Gift Card
Take the survey! Deadline: Jan 30
Get even smarter. Need a quick primer on a media topic? Download a white paper!
Optimizing Your Printer Services - By MRI
Media Insights: minsider Viewpoints from the Front Lines - By min
|Copyright © 2015 Access Intelligence, LLC. All rights reserved. Reproduction in whole or in part in any form or medium without express written permission of Access Intelligence, LLC is prohibited. For more details please see Terms and Conditions.|