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Tuesday, April 28, 2009

Source Interlink Files Chapter 11

Source Interlink is filing Chapter 11 bankruptcy protection. Source Interlink publishes numerous automotive titles, including , Motor Trend , Hot Rod , Modified , Import Tuner, Super Street.

The publishing industry is hurting, and carmakers are hurting — so it’s not a great time to be publishing magazines about cars. That helps explain why Source Interlink, the media company that publishes Motor Trend and Hot Rod magazines, is taking a pit stop in bankruptcy protection.

Under a reorganization plan that lenders have already agreed to, the company said it expects to eliminate $1 billion in debt and be out of bankruptcy protection in 35 days. That wouldn’t be a land speed record, but it is still remarkably fast for a billion-dollar-plus Chapter 11 case.

See what happens in the print world. Source : NY Times

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