Parent of Motor Trend Files for Bankruptcy Protection
04-29-09, 03:15 AM
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Parent of Motor Trend Files for Bankruptcy Protection
http://www.edmunds.com/insideline/do...ticleId=147027
Parent of Motor Trend Files for Bankruptcy Protection
Date posted: 04-28-2009
WILMINGTON, Delaware — Source Interlink Cos., the parent company of Motor Trend, Hot Rod and Automobile magazines, has filed a Chapter 11 reorganization plan in U.S. Bankruptcy Court here, in what the company says is a pre-packaged deal with lenders.
The company, which is based in Bonita Springs, Florida and is controlled by billionaire Ron Burkle and his Yucaipa Cos., said it plans to go private and that creditors have agreed to cancel nearly $1 billion in debt and provide additional financing.
Source Interlink Media, a division of the company, acquired a group of magazines for $1.2 billion in August 2007 from Primedia, including Motor Trend, Automobile and Hot Rod. Source Interlink Media has offices in Detroit, Los Angeles and New York and operates 90 Web sites and 75 publications, most of them about cars, trucks and motorcycles, including such titles as Car Craft, Popular Hot Rodding and Super Chevy.
Source Interlink said it plans to emerge from lender-approved prepackaged bankruptcy in 35 days.
Inside Line says: Watch this space for further developments. — Paul Lienert, Correspondent
Date posted: 04-28-2009
WILMINGTON, Delaware — Source Interlink Cos., the parent company of Motor Trend, Hot Rod and Automobile magazines, has filed a Chapter 11 reorganization plan in U.S. Bankruptcy Court here, in what the company says is a pre-packaged deal with lenders.
The company, which is based in Bonita Springs, Florida and is controlled by billionaire Ron Burkle and his Yucaipa Cos., said it plans to go private and that creditors have agreed to cancel nearly $1 billion in debt and provide additional financing.
Source Interlink Media, a division of the company, acquired a group of magazines for $1.2 billion in August 2007 from Primedia, including Motor Trend, Automobile and Hot Rod. Source Interlink Media has offices in Detroit, Los Angeles and New York and operates 90 Web sites and 75 publications, most of them about cars, trucks and motorcycles, including such titles as Car Craft, Popular Hot Rodding and Super Chevy.
Source Interlink said it plans to emerge from lender-approved prepackaged bankruptcy in 35 days.
Inside Line says: Watch this space for further developments. — Paul Lienert, Correspondent
04-30-09, 08:32 PM
#2
Lexus Fanatic
this is not good. I hope we dont lose more and more cool magazines in the near future. I have already lost 3 of my favorite magazines to this slow economy
04-30-09, 08:53 PM
#4
Lexus Fanatic
iTrader: (20)
if environmentalists really want a cause, they should go after magazines, because almost all of them are now worthless because of the internet, and they waste so much paper and resources in their production.
but even with this bankruptcy i guess motortrend will continue?
but even with this bankruptcy i guess motortrend will continue?
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