Penthouse Magazine Owners File Bankruptcy

     WILMINGTON, Del. – The owners of Penthouse magazine and the adult-dating website Friend Finder filed for bankruptcy, listing up to $1 billion in liabilities.
     Greenberg Traurig represents PMGI Holdings, FriendFinder Networks and 37 other related entities in petitions filed with the Delaware Bankruptcy Court.
     Creditors include PG&E, Verizon, Office Depot, Principal Life Insurance, and AT&T.
     FriendFinder reported a second-quarter net loss of $10.3 million, or 32 cents a share, on Aug. 15, according to a Bloomberg article.
     It has not made a profit since at least 2006.
     CEO Anthony Previte had reportedly said in August that the company would resolve its debt issue and was working with advisers and lenders to refinance.

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