Score one for the good guys, from CNBC:
FriendFinder Networks, publisher of Penthouse magazine and numerous adult-entertainment websites, filed for Chapter 11 bankruptcy on Tuesday.Read the whole thing here.
The company, which sought to combine social networking and sex, said it had struck a deal with noteholders that will reduce its debt by $300 million if approved by the U.S. Bankruptcy Court in Delaware.
Under the plan, one group of noteholders will take ownership of the sex entertainment business, which traces its roots to the late Penthouse publisher Bob Guccione. As is typical in bankruptcy, shareholders will likely be left with nothing.