944 Media Files For Chapter 11
944 Media has filed for Chapter 11 bankruptcy in Los Angeles following ongoing legal troubles, specifically a series of “burdensome” lawsuits.
In a statement, 944 Media CEO Marc Lotenberg said the company’s employees, clients and readers are the main priority, and that the decision to file for bankruptcy was to ensure a strong future for them and for the company itself.
Lotenberg went on to say that 944 has received new financing in order to continue paying employees and maintain publication of their magazines. The company is looking ahead as it undergoes its necessary financial restructuring, with plans to debut a new logo and redesigned Web site.
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