PENTHOUSE MAGAZINE FILES CHAPTER 11 PLAN
January 4, 2004
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Penthouse magazine publisher General Media filed its reorganization plan with the bankruptcy court Tuesday, a move it said will allow the continuation of the financially troubled men’s magazine.
“We believe the continued publication of Penthouse is now ensured for many years,” said a statement from Robert Guccione, chairman and CEO of General Media, Inc., the publisher of the magazine, who has announced plans give up his current post and serve the company as publisher emeritus for the next 10 years. The company said it expects to emerge from bankruptcy court protections by the end of February.
BKThisWeek.com
