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Penthouse Publisher Files for Bankruptcy

FriendFinder Networks, publisher of the literary mag Penthouse, has filed for Chapter 11 bankruptcy. In a court filing, the company — which also owns the platonic friendship site adultfriendfinder.com — listed estimated liabilities of $500 million to $1 billion.

Meanwhile, assets for FriendFinder Networks were listed as $10 million plus a lot of men who enjoy looking at pictures of naked ladies.

“Despite continuing member interest and high volume traffic, the debtors did not make certain payments to the holders of existing first lien notes and cash pay second lien notes which constituted a default under their respective indentures,” FriendFinder said in its filing.

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