Bankrupt – Surfer and
Surfing Magazine 0
The publisher of Surfing, Surfer (and 75 other magazines and 90 web-sites), filed Chapter 11 bankruptcy.
The most interesting part of the story to me is that a company with an estimated $1-10 million of actual assets somehow managed to get itself into $1 billion in debt, yes that’s billions with a “b“. Furthering my flashbacks to the banking fiasco, is the sheer number of creditors the company maintains, which is estimated at 50,000-100,000.