IE 11 is not supported. For an optimal experience visit our site on another browser.

National Enquirer publisher files for bankruptcy

American Media Inc, publisher of the National Enquirer and Star supermarket tabloids, on Wednesday filed for Chapter 11 bankruptcy protection.
/ Source: Reuters

American Media Inc, publisher of the National Enquirer and Star supermarket tabloids as well as body-toning magazines such as Men's Fitness, on Wednesday filed for Chapter 11 bankruptcy protection.

The filing follows American Media's announcement on November 1 that it won support from most of its bondholders for a debt-for-equity restructuring plan to reduce debt and improve cash flow.

American Media's "prepackaged" bankruptcy is designed to allow a quick restructuring.

The company, which has offices in New York and Boca Raton, Florida, has said it expects to emerge from Chapter 11 within 60 days of filing.

American Media and more than one dozen affiliates sought protection with the U.S. bankruptcy court in Manhattan.

The company has more than $1 billion of liabilities, a court filing shows. Its titles also include Flex, Muscle & Fitness, Natural Health and Shape.

The case is In re: American Media Inc, U.S. Bankruptcy Court, Southern District of New York, No. 10-16040.