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Another one bites the dust

Another one bites the dust news post from TweakTown's online news computing and technology content pages

By: Cameron Wilmot from Jul 30, 2002 @ 6:25 CDT

Just when we thought things were starting to improve on the economic side of things another big company bites the dust. The NY Times is reporting that Ziff Davis will file for bankruptcy by the end of the week.

ZIFF DAVIS MEDIA, which was a major player in technology publishing with PC magazine and the now-closed Yahoo Internet Life, has been telling advertisers that it will be forced to enter a prepackaged bankruptcy by the end of this week, according to a major advertiser and two publishing executives who are close to the situation.

Company officials had no comment on the potential bankruptcy, but acknowledged that there would be a financial restructuring by Friday. The company, which is principally owned by the investor group Willis Stein & Partners, had sought approval for a plan, arranged in May with key creditors, that would have cut its $450 million debt by $155 million and cut its annual interest payments $30 million without a bankruptcy proceeding.

More information at NY Times