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Penthouse Global Media, the company behind the legendary adult magazine created five decades ago by Bob Guccione, has filed for Chapter 11 bankruptcy protection, according to court documents filed Thursday in federal court in California.
The filing represents the latest setback for the publisher, which has been struggling financially for years as the print advertising market has declined and the adult entertainment industry has migrated online.
In addition to putting out a monthly magazine, Penthouse oversees several adult cable and satellite channels that reach more than 100 countries. It also runs a licensing business for its intellectual property and iconic brand.
Chatsworth-based Penthouse Global Media was formed in 2016 when it was acquired by Chief Executive Kelly Holland in a management buyout from parent company FriendFinder Networks. The Florida-based online dating site had merged with the company in 2007 and explored the idea of shutting down the print magazine. FriendFinder itself filed for bankruptcy protection in 2013.
Penthouse didn’t respond to a request for comment.
Thursday’s filing in U.S Bankruptcy Court’s Central District of California offered few details about the full extent of the company’s debt. Penthouse listed estimated liabilities between $10 million and $50 million. Its top two creditors are the law firms Greenberg Traurig and Bayard P.A.
Penthouse took on debt during the 2016 management buyout, which was financed by ExWorks Capital, a Chicago investment firm, for an undisclosed amount.
more of course,,,
http://www.latimes.com/business/hollywood/la-fi-ct-penthouse-bankruptcy-20180112-story.html
Realist - Everybody in America is soft, and hates conflict. The cure for this, both in politics and social life, is the same -- hardihood. Give them raw truth.
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