American Media Inc. today (11/1) announced it will engage in a financial restructuring through a prepackaged Chapter 11 plan of reorganization. The process is expected to begin in about two weeks and last about 60 days.
American Media, Inc. is the publisher of Country Weekly, Star, Shape, Men’s Fitness, The National Enquirer and more.
The reorganization is premised around a debt-for-equity exchange with a group of its bondholders, approximately 80% of which have agreed to support the restructuring.
Chairman, President and CEO of American Media Inc. David Pecker says, “For our advertisers, employees, customers and vendors, this short period will be business as usual, with considerable upside in the future.”