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Ziff-Davis appears ready for prepackaged bankruptcy

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New York--Struggling Ziff-Davis Media Inc., publisher of PC Magazine and eWeek, had hoped to avoid bankruptcy proceedings, but according to a story in Monday’s New York Times, it appears that the company will undergo a prepackaged bankruptcy. Word on the exact nature of Ziff Davis’ restructuring is expected later this week. Willis Stein & Partners, a private equity fund, acquired Ziff Davis for $780 million in 2000. With the restructuring, Ziff Davis plans to shave its $450 million debt by $155 million. “It’s too early to say if it will be a prepackaged (bankruptcy) solution or whether it will be out of court, but I will say that we have the strong backing of all of our creditors,” said Aimee Levine, VP-corporate communications for Ziff Davis.
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