FriendFinder Networks, which publishes the adult magazine Penthouse, filed for chapter 11 bankruptcy today with the aim of cutting its debt load as the company struggled to make certain loan payments, Reuters reported today. The holding company, which also houses internet sites such as adultfriendfinder.com, listed out estimated liabilities of $500 million to $1 billion and assets less than $10 million, according to a court filing. FriendFinder has not turned in a net profit at least since 2008, Thomson Reuters data shows. Total revenue for the four consecutive fiscal quarters ended June 30, 2013 was $293.70 million, a filing showed.
