Source Interlink, the mega-publishing firm that owns Automobile, Motor Trend, Hot Rod and dozens of other enthusiast print and web titles, filed for Chapter 11 bankruptcy protection in a Wilmington, Delaware court yesterday. According to the filing, Source Interlink has a listed debt of $1.9 billion and assets amounting to $2.4 billion, and in a statement from Greg Mays, Source's CEO said "This restructuring will materially reduce our interest expense and debt levels."
It appears that today is the day for shedding divisions, as in addition to news that Daimler has sold a majority stake in Chrysler to the Cerberus Group, we've also learned that Primedia has finally unloaded its Enthusiast Media division to Source Interlink. The Enthusiast Media division of Primedia includes 70 magazines titles and 90 websites, including Motor Trend and Automobile Magazine, among others.
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