American Media Inc., publisher of several titles including National Enquirer, Shape, Star, and Radar Online announced today plans to file for bankruptcy in about two weeks. Last year AMI also took over certain publishing functions for Playboy. Pending approval from the requisite number of creditors, the company will initiate a prepackaged Chapter 11 plan that involves some kind of debt-for-equity deal.
Said CEO David Pecker of the bankruptcy:
The reorganization should not affect American Media’s operations. Publications will function seamlessly, staff will be unaffected by the reorganization and customers should not notice any difference during the 60 day process.
Yeah, this damn well better not affect my Playboy subscription, buster.