Wednesday, April 23, 2008

Fangoria Going Bye-Bye?

Found a bit about Fangoria going through bankruptcy on their Wiki page and followed it to the source on Bloomberg.com.

Publisher Creative Group Files Chapter 11 in New York

Creative Group Inc., the publisher of Starlog and Fangoria magazines, filed to reorganize under Chapter 11 in New York on March 21, saying it owes $16.6 million on a secured bank loan and $15 million on subordinated notes.

Creative said it intends to use Chapter 11 to restructure the debt.

The New York based company also does animation, sound mixing and production work for film and television.

Creative was accompanied in the Chapter 11 filing by eight affiliates.

To read Bloomberg coverage, click here.

The case is In re Creative Group Inc., 08-10975, U.S. Bankruptcy Court, Southern District of New York (Manhattan).

Hmmm. Personally, this makes me wonder even more about that warehouse problem they had that destroyed tons of their back catalog.

Posted by Kevin Huxford at 5:41 PM
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1 comments:

  1. From Bloomberg:

    By Christopher Scinta
    March 24 (Bloomberg) -- Creative Group Inc., the New York- based publisher of Starlog and Fangoria magazines, filed for bankruptcy protection, saying it wants to restructure or refinance loans from Signature Bank and Allied Capital Corp.
    The company, which also does animation, sound mixing and other production work for film and television, owes about
    $16.6 million on the Signature loan and $15 million on a
    12 percent subordinated note to Allied, according to its March 21 bankruptcy petition. American Express Co. was listed as the largest unsecured creditor, with a claim of $85,000.
    Creative Group ``has been exploring recapitalization and other restructuring options for months,'' President Joseph Avallone said in an affidavit filed in U.S. Bankruptcy Court in Manhattan. Creative Group hired Lowenstein Sandler PC as bankruptcy attorney and Cantor Advisors as financial adviser.
    The company filed with affiliates Starlog Group Inc., Animagic LLC, Fangoria Entertainment Inc., Nate the Great LLC, Moe Green Entertainment LLC, Starlog Entertainment Inc., Starlog Licensing of America Inc. and Tangerine LLC.
    The lead case is In re Creative Group Inc., 08-10975, U.S.
    Bankruptcy Court, Southern District of New York (Manhattan).

    --Editor: Steve Farr.

    To contact the reporter on this story:
    Christopher Scinta in New York at +1-212-732-9245 or cscinta@bloomberg.net.

    To contact the editor responsible for this story:
    Patrick Oster at +1-212-617-4088 or poster@bloomberg.net.
    ReplyDelete

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