- Lovehoney B2B Valentine’s Day Greedy Girl Special Offer
- CalExotics Moves to One-Year Warranty Program
- Lovehoney names Sarah Warby as CEO
- ORION Sex Report 2019
- Satisfyer Acquires Worldwide Rights to Penthouse
- Review – Naked Addiction Rotating and Vibrating Dildo – BMS Factory
- Review – Every Girl – Rocks-Off
- Clandestine Partners with Calvista for AUS & NZ Distribution of MIMIC
- Chi Chi LaRue’s to Open Second LA Store
- Made Downunder Drop-Ship Offer to Aussie Retailers for Valentine’s
- Svakom Sponsors Intimate Lifestyle Event in Sydney
- January 2019 ANME Show Now Sold Out
- New State-of-the-Art Facility Added to the ANME Show
- Tami Aguilar – Pipedream VP of People
- CalExotics Team Recognized by XBIZ
- Perfect Fit Brand Releases New Male Masturbator
- Sportsheets Celebrates One Year On The Evine Network
- Shots Release New LOVELINE Collection
- Review – Buck Angel Fun Boy – Perfect Fit Brand
- Review – Tiffany and Coco – Rocks Off
Penthouse Files Chapter 11 to Restructure
Canoga Park, Calif. — Penthouse Global Media Inc. filed for Chapter 11 voluntary bankruptcy protection in a move that will address its debt and interest expense to help position and restructure the company for long-term growth, the company said this morning.
“Our global broadcast operations remain strong and we are in development on several licensing initiatives,” said Kelly Holland, Penthouse’s CEO who was integral in acquiring the brand in 2016 along with other investors.
Holland noted that the brand’s publications, broadcast operations, digital media presence and licensing will continue uninterrupted.
“The company is operating business as usual and remains fully committed to providing the same content and services fans have come to expect,” Holland said.
“During the previous two years we have revitalized the publishing division by re-styling both Penthouse Magazine and Penthouse Letters,” Holland said. “Additionally, we have re-introduced Omni Magazine, the classic magazine of science and science fiction, with an eye to launching broadcast media projects based on the brand.
“Our global broadcast operations remain strong, and we are in development on several licensing initiatives. Penthouse is fully focused on the future and does not expect to experience any material disruptions.”
Holland said that Penthouse intends to use the Chapter 11 filing to streamline and strengthen our business both operationally and financially, “so that we have the financial flexibility to continue to make necessary investments in our operations.”
She said that the company has secured commitments for debter-in-possession financing to ensure there are no interruptions to the existing business operations or customer services and deliveries. Penthouse is establishing a long-term capital base with a select number of investors and the filing will enable it “to more efficiently transition from our existing lenders to a new capitalization structure that will allow for focus on new development initiatives,” she said.
Chatsworth-based Penthouse was formed in 2016 when it was acquired by Holland in a management buyout from then-parent company FriendFinder Networks.
Thursday’s filing offered few details about the extent of the Penthouse’s debt. Penthouse listed estimated liabilities between $10 million and $50 million. Its top two creditors are law firms, Greenberg Traurig and Bayard P.A.
You must be logged in to post a comment Login