It's a terrible time to be in the magazine/newspaper industry. Just ask magazine publisher Source Interlink Cos. (NASDAQ:SORC), which filed for a lender approved prepackaged Chapter 11 bankruptcy to get out from underneath $1.9 billion in debt. The bankruptcy filing makes it the ninth in the newspaper and magazine publishing industry so far this year, according to The Deal Pipeline's bankruptcy database. Here's a look at the full list.
Jan. 1 - April 28
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Sport Media & Strategie SA (France)
- Sun-Times Media Group (Ch. 11)
- Observer Standard Newspapers Ltd. (U.K.)
- Doubledown Media LLC (Ch. 7)
- Philadelphia Newspapers LLC (Ch. 11)
- Journal Register Co. (Ch. 11)
- PNL Publications Inc. (Ch. 11)
- Star Tribune Holdings Corp. (Ch. 11)
Ron Burkle's Yucapia Cos., which controls Source Interlink, the publisher of 75 magazines that include Motor Trend, Hot Rod and Street Chopper, reportedly hopes to emerge from bankruptcy in 35 days. The company enlarged its magazine holdings but accumulated most of its debt woes from its $1.2 billion purchase of Enthusiast Media division from Primedia Inc. (NYSE:PRM) in 2007. - Gerald Magpily
See Deal Pipeline bankruptcy database
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