Ziff Davis Defaults, Tries To Stay Out Of Court

Grim news from Ziff Davis, which said it is “electing” not to make an interest payment on its $390 million debt load. For good measure, it’s also delaying its Q2 filings, due this week.

Folio has a good take on the situation, which we’ll sum up here: Ziff Davis was once a grand publishing empire, but those days are long gone. It has been in the process of dismantling itself — earlier this month it sold off its Enterprise group (eWeek, Baseline, etc) for $150 million to Insight Venture Partners, and it has two more divisions on the block. Now the company is hoping to avoid bankruptcy court; it has retained Alvarez & Marsal and Kirkland & Ellis to help it out. Folio, Release