Company That Owns Country Weekly To Undergo Financial Restructuring
November 1, 2010 at 3:01 PM (PT)
AMERICAN MEDIA INC., which publishes magazines like COUNTRY WEEKLY, SHAPE, STAR, NATIONAL ENQUIRER and more, has announced it will undergo a financial restructuring through a pre-packaged CHAPTER 11 plan of reorganization in approximately two weeks, Upon receiving the requisite votes from its creditors on the pre-packaged CHAPTER 11 plan, the company will file for CHAPTER 11 and will seek to emerge from bankruptcy in less than 60 days.
AMERICAN MEDIA INC. Chairman/Pres./CEO DAVID PECKER said: "The reorganization should not affect AMERICAN MEDIA's operations. Publications will function seamlessly, staff will be unaffected by the reorganization and customers should not notice any difference during the 60 day process. I want to thank in advance all of our advertisers, vendors and publishing service clients for their support. They realize we will be a stronger and healthier company after the consummation of the restructuring."
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