Tags: AMI | near | bankruptcy

National Enquirer Publisher Near Bankruptcy

Wednesday, 10 Dec 2008 09:51 AM

By Newsmax Staff

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

American Media Inc. — publisher of the National Enquirer and Star magazine — is near bankruptcy after missing a Dec. 1 deadline to make a $21 million interest payment on its $1.1 billion debt.

The company has retained bankruptcy lawyers, sources told the New York Post’s “Media Ink” columnist Keith Kelly.

But a bankruptcy filing may be avoided if bondholders agree to take a large stake in the company in return for reducing its debt load.

A restructuring deal would turn over 95 percent of the stock to those holding the debt, leaving the old shareholders with just 5 percent of the company.

The bondholders and bankers involved in the negotiations have until Dec. 15 to reach an agreement, according to Kelly.

AMI’s other publications include Shape, Men’s Fitness, Globe and Country Weekly. The company also owns Distribution Services Inc., the nation’s leading in-store merchandising firm.

Earlier this week the media conglomerate Tribune Co., publisher of the Chicago Tribune, Los Angeles Times and other newspapers, filed for Chapter 11 bankruptcy protection.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Mali's Islamists Withdraw Cease-Fire Pledge

Friday, 04 Jan 2013 13:06 PM

Tens of thousands of Fatah supporters rallied in the Hamas stronghold of Gaza on Friday for the first time since they we . . .

Fmr. CIA Director Hayden: Iran Nuclear Crisis Gets 'Scarier'

Tuesday, 17 Jul 2012 18:11 PM

 . . .

Join Fmr. CIA Director for Special Iran Briefing, Assess the Danger

Friday, 13 Jul 2012 12:27 PM

 . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved