SSG Advises Penthouse Publisher for Chapter 11
According to bankruptcy court documents filed in the U.S. Bankruptcy Court for the District of Delaware, Penthouse publisher FriendFinder Networks is retaining SSG Capital Advisors as its financial advisor, and Greenberg Traurig as bankruptcy counsel.
Reuters reported that FriendFinder Networks filed for Chapter 11 bankruptcy with the aim of cutting its debt load as the company struggled to make certain loan payments, a court filing showed.
Reuters said further that the holding company, which also houses internet sites such as adultfriendfinder.com, listed out estimated liabilities of $500 million to $1 billion and assets less than $10 million, according to a court filing.
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