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National Enquirer publisher to file for Chapter 11

breaking news; North America; breaking north america
breaking news; North America; breaking north america

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Date: Monday Nov. 1, 2010 11:33 AM ET

NEW YORK — The publisher of The National Enquirer says it plans to file for bankruptcy protection in about two weeks.

American Media says it will file a prepackaged plan that should allow it to emerge from Chapter 11 less than 60 days after the filing.

American Media Inc. said Monday that bondholders would forgive debt in exchange for ownership.

The company says it already has the support of 80 per cent of bondholders, though it did not say how much debt it has.

American Media, based in Florida, also publishes Men's Fitness, Shape and Star magazines, says all of its operations will continue during this time.

It says the reorganization will not affect its business or its staff.

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