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From the Internet - some extracts about FriendFinder Network We all know that FF Network has been making consistent losses over the last few years (10?), That their two attempts at IPO's failed to raise anything like the capital they were looking for. I guess rumour about imminent demise has been 'rife'. In September last year they filed for Chapter 11 Bankruptcy; just before Christmas they emerged again with the original(?) backers/creditors taking over their own but reduced debt. I think it had blown out to over $500m, now it is in the low $300m ballpark. However the underlying problem of ongoing loss hasn't gone away, and as I said at Filipino FriendFinder 'Da Writing's on Da Wall' Here are some articles - you can find them if you search for: "Website Operator FriendFinder Cleared to Exit Bankruptcy" "Form 8-K Friendfinder networks 18-Dec-2013 " "What 'Penthouse' Owner FriendFinder's Bankruptcy Says About Sex" Sep 17th 2013 The following extract is from The Wall Street Journal, Dec 16th 2013, written by Katy Stech A federal judge has cleared Penthouse magazine publisher FriendFinder Networks Inc. FFNTQ -41.33% to leave bankruptcy as a private company with much less debt. At a hearing Monday in U.S. Bankruptcy Court in Wilmington, Del., Judge Christopher S. Sontchi gave his approval to the reorganized business plan for FF's business, which blamed its financial troubles on fewer Internet-user visits to its more than 8,000 social-networking and adult-content websites. The plan allows a group of lenders who are owed $330.8 million to forgive that debt and take 100% of the reorganized company's new common stock. The bankruptcy is expected to leave shareholders in FF, which trades publicly on Nasdaq, with nothing to recover. However, major existing shareholders Marc H. Bell and Daniel C. Staton, who bought Penthouse out of Chapter 11 protection in 2004, are expected to get a piece of the reorganized company through a deal they struck before the current bankruptcy filing. Under the Chapter 11 plan, FF's first-lien noteholders, owed $234.3 million, would exchange their debt for new notes in the same principal amount, plus additional cash or notes, according to court papers. FF's roughly 435 employees runs social-networking and online-video websites, including adult-oriented sites such as AdultFF and more traditional online-dating sites such as FastCupid and PerfectMatch. Earlier court papers said that the company's websites had more than 750,000 subscribers as of Dec. 31, 2012. The company has seen its financial performance deteriorate throughout the past year. Its total revenue for the four quarters ended June 30 was $293.7 million, a 10.1% revenue drop that was due to a sharp decrease in revenue for its social-networking websites. |
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so that is the reason why every action here now needs payment to cover up that bankruptcy. Enjoy ur stay anyway! I see. thx for the info. hope u find ur lost friends here! bless u!
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