FORBES – May 16 – Marc Bell's 27K-square-foot home with a home theater modeled after the bridge of Star Trek’s USS Enterprise has hit the market in Florida for $35M. Bell produced Jersey Boys on Broadway. Previously, he was the CEO of FriendFinder, the parent company of Penthouse.
Category: FriendFinder
Andrew Conru Of AdultFriendFinder.com Forecasts ‘Peak Orgasm’
Which Dating Sites Got The Best And Worst PR In 2013?
OPW – Jan 3 – Here are the Courtland Brooks rankings of the top 10 and the worst 4 performing idating sites for PR in 2013. We used Meltwater News and our qualitative analysis.
Best
- Match
- eHarmony
- Tinder
- OkCupid
- AshleyMadison
- Grindr
- Down (BangWithFriends)
- HowAboutWe
- Spark Networks brands
- Zoosk
Worst
- TRUE
- FriendFinder
- Cupid
- White Label Dating
FriendFinder Announces Plan Of Reorganization
PR NEWSWIRE – Dec 23 - FriendFinder Networks has announced a plan of reorganization that takes effect three months after the company filed for Chapter 11 bankruptcy protection. FriendFinder's annual interest expense is expected to be reduced by over $50 million and approximately $300 million of secured debt will be eliminated. The bankruptcy and reorganization will allow the company to strengthen its balance sheet and enable it to grow its flagship brands.
FriendFinder Cleared To Exit Bankruptcy
WSJ – Dec 16 – A federal judge has cleared FriendFinder Networks to leave bankruptcy as a private company with much less debt. The plan allows a group of lenders who are owed $330.8M to forgive that debt and take 100% of the reorganized company's new common stock.
FriendFinder Seeks Court Approval Of Reorg
BLOOMBERG – Nov 6 – FriendFinder Networks won court approval to seek creditors’ votes on its restructuring plan, which would turn the company over to noteholders. FriendFinder will seek court approval of its reorganization plan to exit bankruptcy at a hearing scheduled for Dec. 16. The company sought bankruptcy protection Sept. 17 listing assets of $465.3M and debt of $661.9M. The restructuring would cut about $300M in debt and reduce annual interest expenses by ~$50M. The reorganization plan is supported by ~78% of the holders.
by Michael Bathon
The full article was originally published at Bloomberg, but is no longer available.
FriendFinder’s Letter To Affiliates Announcing Bankruptcy
OPW – Sep 19 – A letter was sent to FFN affiliates. See the full letter on InternetDatingAffiliates.com, but here's the highlights…
- A substantial amount of the sale in 2007 was in the form of debt.
- They will cut the debt in half and return the majority of the company to the founders. (Andrew Conru and 'Legendary Lars')
- Less debt means more funds for affiliate payouts.
- Right now, affiliate checks have the highest priority.
Andrew Conru And Lars Mapstead To Take Control Of FriendFinder
REUTERS – Sep 18 – FriendFinder Networks had struck a deal with noteholders that will reduce its debt by $300M. One group of noteholders will take ownership of the sex entertainment business. Control of the company would go to Andrew Conru and Lars Mapstead. In 2007 FFN bought Various Inc and its dating websites from Conru and Mapstead for $400M.
FriendFinder Networks Files For Bankruptcy
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.
FriendFinder’s Forbearance Continues
THE DEAL – June 24 – FriendFinder Networks Inc. has received a third extension on its forbearance agreement with its lenders, and probably not the last one. The extension now is July 1. FriendFinder needs a good solution to shrink its hefty $455M debt burden. It has a debt-to-assets ratio of 110.8%. When industry analyst and consultant Mark Brooks visited FriendFinder's headquarters earlier this month, he found that "FriendFinder was business as usual, and the talk was of business expansion. I've seen many idating offices over the years," Brooks said. "I got a good sense of good morale at FriendFinder."
by Lisa Allen
The full article was originally published at The Deal, but is no longer available.