Bloomberg reported FriendFinder Networks Inc., the owner of Penthouse magazine, sought bankruptcy protection in Delaware after reporting losses in seven consecutive years to 2012.
According to the report, the Florida-based company listed assets of less than $10 million and liabilities of as much as $1 billion in the Chapter 11 filing in Wilmington, Delaware.
Bloomberg reports that FriendFinder was working with advisers and lenders to refinance the long-term debt, Chief Executive Officer Anthony Previte said in the Aug. 15 statement.
To read the full Bloomberg report, click here.