The New-York based publishing company filed for Chapter 11 bankruptcy on Tuesday in Wilmington, Delaware, along with several of its affiliates. The company hopes to eliminate $140 million of its total debt of $252 million. The company joins other media companies who have filed for bankruptcy in recent years in response to the weak economy, a high level of debt, and less revenue from print advertising.
For the past year, the company has been involved in talks with its creditors to discuss how to best restructure its debts. The company hopes to finish with its bankruptcy proceedings before the second half of the year.