National Enquirer plans bankruptcy filing
American Media also puts out Shape, Star magazines
Last Updated: Monday, November 1, 2010 | 2:04 PM ET
The National Enquirer's publisher has announced intentions to file for bankruptcy protection in about two weeks.
American Media said Monday it has a plan that will allow it to emerge from Chapter 11 less than 60 days after the filing.
The company also said bondholders would forgive debt in exchange for ownership.
It apparently has the support of 80 per cent of bondholders, but did not divulge how much debt it held.
American Media, based in Florida, also publishes Men's Fitness, Shape and Star magazines, and says all of its operations will continue as usual through the bankruptcy filing.
It also emphasizes that the reorganization will not affect its business, with the Enquirer the biggest jewel in its crown.
Founded in 1926, it's a supermarket tabloid staple with its outrageous headlines focusing on politicians and celebrities.
Generally frowned upon by mainstream media, the Enquirer pays for tips. In recent years, its tone has been more serious and has been known to scoop other media on news stories.
One of its most significant coups concerned its coverage of former Democratic vice-presidential candidate John Edwards visiting his mistress, Rielle Hunter, and their baby at a hotel in Los Angeles in 2008.
At its height, the Enquirer's circulation hovered around six million. It's now below one millionWith files from The Associated Press
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