Author Topic: ZIFF DAVIS FILES FOR CHAPTER 11 (Read 3464 times)

Himu · « **on:** March 05, 2008, 06:27:19 PM »

http://www.foliomag.com/2008/breaking-ziff-davis-files-chapter-11

Quote

Ziff Davis filed for bankruptcy in the Southern District of New York court today as part of a debt restructuring plan.

The technology publisher said the restructuring agreement was made with an ad hoc group of senior secured note holders.

The group has agreed to pay up to $24.5 million to fund the Ziff Davis’ operations during and after the Chapter 11 case, the company says. If the restructuring is approved, the company’s $225 million senior note debt would be reduced. The debt would then be exchanged for a new $50 million senior secured note and at least 88.8 percent of the common stock in the reorganized company.

As part of the restructuring, the publisher intends to implement a reorganization soon.

“This agreement underscores our Senior Secured Noteholders’ confidence in our ability to position ourselves for continued profitable growth," CEO Jason Young said in a statement. "Today’s restructuring agreement goes a long way towards resolving the burdens of a debt load and capital structure established seven years ago, during a leveraged buyout of the company.”

Ziff Davis also announced that it was not able to reach an agreement with all of its unsecured noteholders.

Carrying long-term debt of about $400 million, Ziff last August announced that it was exploring options to restructure its debt and would not make a scheduled interest payment on its senior subordinated compounding notes due in 2009. The company retained corporate turnaround and bankruptcy specialists Alvarez & Marsal and Kirkland & Ellis LLP as advisors as part of the restructuring plan.

Young could not be immediately reached for additional comments.

NOTE: Check FOLIOmag.com throughout the day for updates to this story.

OWNED They probably filed for bankruptcy because publishers PULLED OUT ON EM HUAHUAHUA

T234 · « **Reply #1 on:** March 05, 2008, 06:31:17 PM »

FUCK YOU IN THE EAR, HIMU

YOU'RE OFFICIALLY OUT OF THE GTA IV DEFENSE FORCE

GMR, XBN, AND OPM FOR LIFE FUCK THAT FUTURE SHIT

spoiler (click to show/hide)

GFW :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'( :'(

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demi · « **Reply #2 on:** March 05, 2008, 06:34:08 PM »

owned? people are gonna lose jobs. though it makes sense from someone who doesn't work.

TVC15 · « **Reply #3 on:** March 05, 2008, 06:51:16 PM »

Wow, Hiumro sounds gleeful. Between this and him posing as a Gygax fan, I say we put this trash in the bin.

Rman · « **Reply #4 on:** March 05, 2008, 06:53:29 PM »

Why do you sound happy, Himumu? People might lose their jobs.

Oblivion · « **Reply #5 on:** March 05, 2008, 06:57:58 PM »

lol, I thought this was about the 11th chapter of some documentary that Ziff Davis was doing or something.

Quote from: TVC 15 on March 05, 2008, 06:51:16 PM

Wow, Hiumro sounds gleeful. Between this and him posing as a Gygax fan, I say we put this trash in the bin.

As well as Himuro, while we're at it.

y2kev · « **Reply #6 on:** March 05, 2008, 07:24:48 PM »

Is there any profitable arm of the game group?

I can only imagine EGM hasn't already shut down because their paper printing rates were probably grandfathered in from 1854.

Rman · « **Reply #7 on:** March 05, 2008, 07:38:04 PM »

Don't worry about it. Those free subscriptions have nothing to do with their bankruptcy. Magazines make their money from advertising. They want more subscribers period since they can get better ad rates with higher circulation numbers.

Eel O'Brian · « **Reply #8 on:** March 05, 2008, 08:07:04 PM »

all this pussyweeping over lost jobs wasn't present when you jackoffs were yucking it up over gerstmann

Himu · « **Reply #9 on:** March 05, 2008, 08:15:16 PM »

Quote from: Eel_O_Brian on March 05, 2008, 08:07:04 PM

all this pussyweeping over lost jobs wasn't present when you jackoffs were yucking it up over gerstmann

.

y2kev · « **Reply #10 on:** March 05, 2008, 08:15:46 PM »

Quote from: Eel_O_Brian on March 05, 2008, 08:07:04 PM

all this pussyweeping over lost jobs wasn't present when you jackoffs were yucking it up over gerstmann

snap

is the sound benches make when jeff sits on them

Himu · « **Reply #11 on:** March 05, 2008, 08:16:52 PM »

do you think jeff's farts smell good, kev

what do they smell like

Ichirou · « **Reply #12 on:** March 05, 2008, 08:17:39 PM »

Is it possible to pirate game news? Himuro would be the one to know.

demi · « **Reply #13 on:** March 05, 2008, 08:18:52 PM »

Quote from: Eel_O_Brian on March 05, 2008, 08:07:04 PM

all this pussyweeping over lost jobs wasn't present when you jackoffs were yucking it up over gerstmann

i knew this would be brought up, and i am well aware of the differences

Gerstmann:

Fired for doing a shitty job, related to his work ethics

Ziff Davis:

Unavoidable, lack of magazine subscriptions, advertising, business related

there is no crow to be served, or retribution of any sort, or karma, or any of that

Gerstmann got owned, Ziff Davis is different

Eel O'Brian · « **Reply #14 on:** March 05, 2008, 08:19:13 PM »

haha, never mind, ooops

Himu · « **Reply #15 on:** March 05, 2008, 08:19:49 PM »

hauhua

bud · « **Reply #16 on:** March 05, 2008, 08:20:47 PM »

Quote from: Himuro on March 05, 2008, 08:16:52 PM

do you think jeff's farts smell good, kev

what do they smell like

...

$:-\$

smh nicca

Eel O'Brian · « **Reply #17 on:** March 05, 2008, 08:21:08 PM »

my real name is kevin, thought you were talking to me for a sec, i'm a distinguished mentally-challenged fellow

Himu · « **Reply #18 on:** March 05, 2008, 08:22:02 PM »

the entire 1up crew has been doing a shitty job for the past 5 years

what is demi talking about

it's the same thing isn't it?

Eel O'Brian · « **Reply #19 on:** March 05, 2008, 08:22:11 PM »

there's a lot of shitty job-doing at ZD too, demi

demi · « **Reply #20 on:** March 05, 2008, 08:24:26 PM »

Quote from: Eel_O_Brian on March 05, 2008, 08:22:11 PM

there's a lot of shitty job-doing at ZD too, demi

And it's unfortunate that slandering like this is common across the internet. ZD is an upstanding company with great individuals who do not deserve this type of treatment.

y2kev · « **Reply #21 on:** March 05, 2008, 08:24:45 PM »

Quote from: Eel_O_Brian on March 05, 2008, 08:21:08 PM

my real name is kevin, thought you were talking to me for a sec, i'm a distinguished mentally-challenged fellow

no, my real name is kevin. yours must be something else.

Eel O'Brian · « **Reply #22 on:** March 05, 2008, 08:25:15 PM »

garnett lee, i rest my case

Himu · « **Reply #23 on:** March 05, 2008, 08:25:36 PM »

THERE CAN ONLY BE ONE KEVIN

Eel O'Brian · « **Reply #24 on:** March 05, 2008, 08:26:02 PM »

i'm older, i win

change your name

demi · « **Reply #25 on:** March 05, 2008, 08:27:02 PM »

Quote from: Eel_O_Brian on March 05, 2008, 08:25:15 PM

garnett lee, i rest my case

i dunno who that is

y2kev · « **Reply #26 on:** March 05, 2008, 08:28:42 PM »

Quote from: Eel_O_Brian on March 05, 2008, 08:26:02 PM

i'm older, i win

change your name

fine

my new name is Dikembe

Himu · « **Reply #27 on:** March 05, 2008, 08:29:06 PM »

are you black kev

y2kev · « **Reply #28 on:** March 05, 2008, 08:38:09 PM »

whiter than jeff's underwear before he shits in them
....smh at myself

bud · « **Reply #29 on:** March 05, 2008, 08:40:41 PM »

hurley > jeff

demi · « **Reply #30 on:** March 05, 2008, 08:44:08 PM »

ryan davis > hurley > jeff

bagofeyes · « **Reply #31 on:** March 05, 2008, 08:52:02 PM »

Maybe if those people did a better job they wouldn't be bankrupt

spoiler (click to show/hide)

[close]

Himu · « **Reply #32 on:** March 05, 2008, 08:53:43 PM »

Quote from: bagofeyes on March 05, 2008, 08:52:02 PM

Maybe if those people did a better job they wouldn't be bankrupt

spoiler (click to show/hide)

[close]

Smooth Groove · « **Reply #33 on:** March 05, 2008, 10:19:56 PM »

I feel bad for the people at Ziff. What're they gonig to do now? Go back to Gamestop?

Rman · « **Reply #34 on:** March 05, 2008, 10:22:22 PM »

Hopefully they have good contacts. I would think they've developed some skill sets after working so long in their industry, Smooth.

Eel O'Brian · « **Reply #35 on:** March 05, 2008, 10:36:11 PM »

Quote from: demi on March 05, 2008, 08:27:02 PM

Quote from: Eel_O_Brian on March 05, 2008, 08:25:15 PM
garnett lee, i rest my case

i dunno who that is

the guy you'll never stop rolling your eyes at on 1up Yours

Smooth Groove · « **Reply #36 on:** March 05, 2008, 11:02:27 PM »

Quote from: Rman on March 05, 2008, 10:22:22 PM

Hopefully they have good contacts. I would think they've developed some skill sets after working so long in their industry, Smooth.

Actually I was just joking about how most of them came from Gamestop. $:-\$

I don't really care about what happens to 1up's personalities. Most of them aren't much more than gaffers with blogs and radioshows.

News:

Author Topic: ZIFF DAVIS FILES FOR CHAPTER 11 (Read 3464 times)