Ziff Davis Files For Chapter 11 Bankruptcy

Andy Chalk

One Flag, One Fleet, One Cat
Nov 12, 2002
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Ziff Davis Files For Chapter 11 Bankruptcy


Games for Windows: The Official Magazine [http://www.ziffdavis.com/], has filed for Chapter 11 bankruptcy.

In an announcement today, the company said it intends to restructure itself under Chapter 11 protection through a pre-arranged plan it will file in the near future. Ziff Davis said it had come to an agreement with an ad hoc group of holders representing over 80 percent of its Senior Secured Floating Rate Notes on the terms of the restructuring. As part of the agreement, the group will set aside up to $24.5 million to help keep the company operating during the Chapter 11 process as well as after it emerges from bankruptcy.

"This agreement underscores our Senior Secured Noteholders' confidence in our ability to position ourselves for continued profitable growth," said Ziff Davis CEO Jason Young. "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."

"Operationally, we are also making great progress," he continued. "As a result of our employees' hard work, we ended 2007 on a strong note. We matched audience growth with impressive digital revenue expansion. And while the print market continued to be challenging, we continue to be the print category leaders in the markets we serve."

Founded in 1927 and built around magazines dedicated to aviation, photography and other enthusiast hobbies, Ziff Davis switched primarily to the technology field in the late 1970s and early 1980s. It's stable would grow to include mainstay computer magazines including Bloomberg [http://www.pcmag.com/]it now draws the bulk of its revenue from digital sources.

Ziff Davis' full statement regarding its entry into Chapter 11 bankruptcy is available here [http://ziffdavis.com/press/releases/080305.0.html].


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