New York--Struggling Ziff-Davis Media Inc., publisher of PC Magazine
had hoped to avoid bankruptcy proceedings, but according to a story in Mondayâs New York Times,
it appears that the company will undergo a prepackaged bankruptcy. Word on the exact nature of Ziff Davisâ 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. âItâs 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,â said Aimee Levine, VP-corporate communications for Ziff Davis.