The company also said it would not make its scheduled interest payment due today on its senior subordinated compounding notes due 2009.
Following the sale in July of its Enterprise Group to Insight Venture Partners for about $150 million, Ziff Davis was still saddled with about $250 million in debt.
“We are actively pursuing a considered and reasonable course of action to improve our capital structure as quickly as possible,” said Jason Young, who was named CEO of Ziff Davis Media earlier this month, succeeding longtime CEO Bob Callahan.
Young added: “We are committed to making improvements in our capital structure, aligning it to the realities of our business operations and unlocking the growth potential that we believe can be achieved in our remaining businesses.”
Ziff Davis’ two remaining divisions are the Consumer/Small Business Group and the Game Group.
The company has retained Alvarez & Marsal and Kirkland & Ellis to provide advisory services in connection with the restructuring efforts.