Penthouse Global Media has filed for Chapter 11 bankruptcy reorganization to address its debt and other financial issues.
The Chatsworth publisher of Penthouse magazine will continue to operate as normal with its publications, broadcast operations and digital media presence, Chief Executive Kelly Holland told XBiz, an adult entertainment news outlet.
“The company is operating business as usual and remains fully committed to providing the same content and services fans have come to expect,” Holland was quoted by XBiz.
Holland purchased the assets of Penthouse in early 2016 from FriendFinder Networks, which had filed for bankruptcy in 2013. She has worked in the adult industry for more than 20 years and joined Penthouse in 2006, where she headed up the broadcast division.
Holland told Xbiz that she intends to use the Chapter 11 bankruptcy to streamline and strengthen the business so that it has the financial flexibility to make the necessary investments in operations.
The company has secured commitments for debtor-in-possession financing to continue operating.