Though Ziff Davis Media was expected to finish a financial restructuring plan today, The New York Times reported yesterday that the technology publisher may enter bankruptcy by Friday.
The Times cited industry sources saying they were informed that the restructuring plan was not approved by the company's bondholders and that bankruptcy would allow it to gain new financing and move forward.
Ziff Davis has closed six of its 15 publications over the past year because of the troubling times in the publishing industry. Closures included Yahoo Internet Life, Family PC, Inter@ctive Week and eShopper. Remaining titles include PC Magazine and several gaming publications and technology trade publications.
A list professional whose firm manages the Ziff Davis consumer files said the bankruptcy would be a positive move for the publisher.
“This will help Ziff Davis greatly,” said Roy Schwedelson, CEO of Worldata/WebConnect, Boca Raton, FL. “It will give them the chance to recapture some momentum. They're really trying to get back on track.”
Worldata assumes management of Ziff Davis' controlled-circulation files Aug. 15. Schwedelson said he didn't expect any changes in regard to the availability of the lists.
