A court-appointed trustee is seeking to liquidate the bankrupt publisher of Penthouse magazine, WSJ Pro Bankruptcy reported. Trustee David K. Gottlieb said that “reorganization is not feasible” and he will therefore seek to sell Penthouse Global Media Inc. assets in a chapter 7 liquidation, according to a filing on Thursday in the U.S. Bankruptcy Court in Woodland Hills, Calif. Led by chief executive Kelly Holland, PGMI filed for chapter 11 protection in January. The filing marked the third time Penthouse has taken a trip into bankruptcy over the past 15 years. Gottlieb’s request to to convert the bankruptcy from a chapter 11 to a chapter 7 liquidation must be approved by a judge.
