Ziff Davis Flips To Chapter 11

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Whoa! What’s going on these days? If you were reading news lately, you’d think that the mobile and technology world was falling. Well, it is, sort of.

Via All things Digital, we find out that Ziff Davis is filing for Chapter 11 Bankruptcy.

Ziff Davis, the troubled trade media company which sold off its enterprise division last year, is now close to filing for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of New York, we have learned. The company has not been able to come to an agreement with its bond holders, and stopped paying interest on its debt several months ago (announced in August). Of course this mean the PE firm and owner Willis Stein will take a big hit, which bought Ziff Davis in 1999 for about $780 million. Willis Stein now owns 85.6 percent and DLJ Merchant Banking Partners own 14.4 percent. Both of them will lose control with this reorg.

Check out the rest of the entire story at Paidcontent.org

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