HUFFINGTON POST – Sep 17 – FriendFinder Networks has filled for Chapter 11 bankruptcy to cut its dept as it's struggling to make certain loan payments. The company's estimated liabilities are $500M – $1 billion and assets ~10M. FriendFinder Networks has not been profitable since 2008.
From FFN Press Release: FFN has also reached an agreement with key stakeholders to refinance their long term debt. It will allow the company to reinvest in its business and secure the growth of their strongest brands. "All operations will continue as normal throughout this process," said FFN's CEO Anthony Previte.
See full article at Huffington Post