Tuesday, November 2, 2010

National Enquirer Seeks Chapter 11 Protection: Space Aliens to Blame?

Sept. 8, 1963 National EnquirerImage via Wikipedia
If Demi Moore, Charlie Sheen, Mel Gibson, Courtney Cox and other Hollywood celebs have an extra bounce in their step today, it's probably because they read The New York Post story about National Enquirer parent company American Media's decision to seek Chapter 11 bankruptcy protection.

American Media, which owns Shape and Star, along with the Enquirer, previously planned a debt-for-equity exchange, but instead has opted for a pre-packaged Chapter 11 re-organization plan.  Key bondholders Capital Research, Avenue Capital Management, Angelo Gordon & Co. and the Oppenheimer Fund, along with fellow bondholders, who are owed upward of $355 million in total, are likely to wind up with a 95 percent controlling interest in American Media Stock, according to the Post story.

The Chapter 11 filing is two weeks away, and the tabloid owner is expected to emerge from bankruptcy within 60 days after filing, according to the Post.  Meanwhile, Enquirer editors are keeping their fingers crossed that another John Edwards or Michael Jackson story is just around the corner.
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