Ziff Davis files for Chapter 11 bankruptcy

Publishing company Ziff Davis has filed for Chapter 11 bankruptcy. ZD’s publishing empire includes 1Up.com, Games for Windows, PC Magazine and Electronic Gaming Monthly, among others.

If you’re an avid reader of those (like me), don’t fret too much. Chapter 11 is a debt reorganization scheme that sees the bankrupt company make one payment to a debt trustee instead of to all its creditors.

It’s not a liquidation plan. Still, the bankruptcy claim must be approved by the courts before it can be put into action.

The rumors of Ziff’s money problems have been floating around for months, but this is the first official mention of them. In addition to publishing online and offline media, Ziff produces the popular Digital Life convention, held every year in New York City.

Source: Bloomberg