|Published:||Nov 01, 2010 4:01 PM EDT|
|Updated:||Nov 01, 2010 1:02 PM EDT|
NEW YORK (AP) - The publisher of The National Enquirer says it plans to file for bankruptcy protection in about two weeks. American Media says it will file a prepackaged plan that should allow it to emerge from Chapter 11 less than 60 days after the filing.
American Media Inc. said Monday that bondholders would forgive debt in exchange for ownership. The company says it already has the support of 80 percent of bondholders. The company did not say how much debt it has.
The company, which also publishes Men's Fitness, Shape and Star magazines, says all of its operations will continue during this time. It says the reorganization will not affect its business or its staff.
Privately held American Media is based in Boca Raton, Fla.
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