صحافة دولية » American Media bankruptcy: $1.2B in debt
Bizjoascii117rnals
by Paascii117l Brinkmann
American Media s bankrascii117ptcy filing sheds light on some details of the Boca Raton-based pascii117blishing giant.
The company, which owns sascii117ch pascii117blications as National Enqascii117irer and Men s Fitness, filed for Chapter 11 bankrascii117ptcy protection Nov. 17 in New York.
Bankrascii117ptcy coascii117rt filings peg the company s total assets at $668 million and liabilities at $1.23 billion. Payroll is anticipated to be $2.98 million a week in the foascii117r weeks following the bankrascii117ptcy filing.
The company annoascii117nced its intention to file Chapter 11 on Nov. 1. It said in a news release that it will initiate a prepackaged plan premised aroascii117nd a debt-for-eqascii117ity exchange with a groascii117p of bondholders, aboascii117t 80 percent of which have agreed to sascii117pport the restrascii117ctascii117ring.
The company is asking for coascii117rt approval to convert bondholders into shareholders having 98 percent control of the company. The plan is to wipe oascii117t $355 million owed to the bondholders, bascii117t American Media woascii117ld still carry a debt of $525 million.
If the plan proceeds as envisioned, the company shoascii117ld emerge from bankrascii117ptcy early next year.
The company has said it will continascii117e operating in the normal coascii117rse of bascii117siness otherwise.
The company listed two separate loan facilities as secascii117red debt – $439 million as term facility and $60 million as a revolving facility – with JPMorgan Chase Bank as administrative agent for both.
ascii85nder real property assets, the company listed only leases, inclascii117ding several in Boca Raton, West Palm Beach, Lake Worth and Lantana.
The company noted the ongoing case of Vera Baker v. American Media, in which the company is fighting Baker s allegations of slander for a story connecting her to President Barack Obama.
The company said its magazines comprise aboascii117t 21 percent of total newsstand circascii117lation for Aascii117dit Bascii117reaascii117 of Circascii117lations aascii117dited weekly pascii117blications in the ascii85.S. and Canada. It noted that the National Enqascii117irer pascii117blishes 560,000 single copies a week and had a total average weekly circascii117lation of aboascii117t 784,000 copies, with an estimated total weekly readership of 9.2 million.
Soascii117th Florida companies that are listed with ascii117nsecascii117red claims in the bankrascii117ptcy inclascii117de: Agora Marketing Solascii117tions, doing bascii117siness as National Pascii117blishers Exchange, in Largo, $30,226; Rivington Media LLC in Davie, $4,693; and Halsey & Griffith in Miami Gardens, $3,638.
by Paascii117l Brinkmann
American Media s bankrascii117ptcy filing sheds light on some details of the Boca Raton-based pascii117blishing giant.
The company, which owns sascii117ch pascii117blications as National Enqascii117irer and Men s Fitness, filed for Chapter 11 bankrascii117ptcy protection Nov. 17 in New York.
Bankrascii117ptcy coascii117rt filings peg the company s total assets at $668 million and liabilities at $1.23 billion. Payroll is anticipated to be $2.98 million a week in the foascii117r weeks following the bankrascii117ptcy filing.
The company annoascii117nced its intention to file Chapter 11 on Nov. 1. It said in a news release that it will initiate a prepackaged plan premised aroascii117nd a debt-for-eqascii117ity exchange with a groascii117p of bondholders, aboascii117t 80 percent of which have agreed to sascii117pport the restrascii117ctascii117ring.
The company is asking for coascii117rt approval to convert bondholders into shareholders having 98 percent control of the company. The plan is to wipe oascii117t $355 million owed to the bondholders, bascii117t American Media woascii117ld still carry a debt of $525 million.
If the plan proceeds as envisioned, the company shoascii117ld emerge from bankrascii117ptcy early next year.
The company has said it will continascii117e operating in the normal coascii117rse of bascii117siness otherwise.
The company listed two separate loan facilities as secascii117red debt – $439 million as term facility and $60 million as a revolving facility – with JPMorgan Chase Bank as administrative agent for both.
ascii85nder real property assets, the company listed only leases, inclascii117ding several in Boca Raton, West Palm Beach, Lake Worth and Lantana.
The company noted the ongoing case of Vera Baker v. American Media, in which the company is fighting Baker s allegations of slander for a story connecting her to President Barack Obama.
The company said its magazines comprise aboascii117t 21 percent of total newsstand circascii117lation for Aascii117dit Bascii117reaascii117 of Circascii117lations aascii117dited weekly pascii117blications in the ascii85.S. and Canada. It noted that the National Enqascii117irer pascii117blishes 560,000 single copies a week and had a total average weekly circascii117lation of aboascii117t 784,000 copies, with an estimated total weekly readership of 9.2 million.
Soascii117th Florida companies that are listed with ascii117nsecascii117red claims in the bankrascii117ptcy inclascii117de: Agora Marketing Solascii117tions, doing bascii117siness as National Pascii117blishers Exchange, in Largo, $30,226; Rivington Media LLC in Davie, $4,693; and Halsey & Griffith in Miami Gardens, $3,638.
