Bike Magazine Parent Company Files Bankrupcy
WILMINGTON, Delaware (derailedonline.com) - The media company Source Interlink has filed for bankrupcy. Source Interlink media publishes many magazines one of which is Bike magazine. The company filed for chapter 11 bankrupcy on April 28, 2008.
This filing for bankrupcy is an attempt to privatize the company. They have canceled all stocks in the company and removed them selves from trading on the stock market - if you owned stock in this company you are just "SOL".
The future of businesses that file chapter 11 bankrupcy ranges from sad stories to good stories. Source Interlink happens to have a billionare as an owner so there is a chance they will survive. However, looking at the amount of magazines they publish I expect some will be on the chopping block which could include smaller revenue magazines in their portfolio.
Click here to see a list of all the magazines Source Interlink publishes.
This is a good explanation of what chapter 11 bankrupcy is and why companies do it.
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Posted on May 12, 2009 08:03:50 -0400 by Brady.