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Posted by / 05-Oct-2019 14:47

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(Reuters) - Maybe sex doesn’t sell that well after all. PK, publisher of Penthouse magazine and numerous adult-entertainment websites, filed for Chapter 11 bankruptcy on Tuesday. 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.

The company, which sought to combine social networking and sex, said it had struck a deal with noteholders that will reduce its debt by 0 million if approved by the U. As is typical in bankruptcy, shareholders will likely be left with nothing.

Its revenue in the year ended June 30 totaled 3.70 million, down 10 percent from the previous year.

Hardest hit was the company’s social networking websites, where revenue fell 17.6 percent, according to court filings.

Bell and Staton, who resigned their executive positions with the company last year, each agreed to a 0,000 cash payment to end their consulting agreements with the company, according to court documents.

In 2007 the company bought Various Inc and its dating websites from Conru and Mapstead for 0 million. Bankruptcy Court papers it plans to issue cash and new debt to holders of 4 million of first-lien notes.

A year later it filed with regulators to raise 0 million in an initial public offering, but when it finally completed the IPO in 2011, Friend Finder raised just million. It also plans to cancel about 0 million in second-lien notes and issue new stock to those debtholders, who will own the company when it exits bankruptcy if the plan receives creditor and court approval.

In a move, philosophically counter to Playboy, newly-formed company Penthouse Global Media Inc.

(PGMI) has acquired the Penthouse brand, and all licensed assets from Friend Finder Network (FFN), an Internet-based social network, best known for its hook-up, dating and adult sites such as Adult Friend

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