American Media Inc Facing Bankruptcy, Liquidation: Already Defaulted on $413m

Duncan Riley — Thu, 15 Jan 2009 03:03:36 +0000

Here’s something to gossip about. American Media Inc., the publisher of Star magazine, The National Enquirer, Shape and Men’s Fitness has received a new extension to try to work out a deal to avoid bankruptcy or liquidation.

The company has already defaulted on $413 million in outstanding bonds.

According to a SEC filing, the new deadline is midnight, January 26.

According to the NY Post, the company warned in the filing that “given the continued weakness of the credit markets, there can be no assurance that the company can refinance its existing notes or obtain the additional capital necessary to satisfy its short-term cash needs on satisfactory terms.”

If the bondholders demand payment on that debt, “the company may have to liquidate assets on unfavorable terms or be unable to continue as a going concern and incur additional costs associated with bankruptcy.”

The company has been cutting staff across the board, with a recent round said to total 10% of the workforce.

Cindy McCain having an affair?

Duncan Riley — Wed, 12 Nov 2008 22:50:41 +0000

The not always reputable National Enquirer has published the above photo as proof that Cindy McCain, wife of failed US Presidential candidate John McCain is having an affair.

According to the article (currently uncontactable, or it may have been removed, we’re not sure)

“I couldn’t believe I was watching Cindy McCain passionately kissing and hugging another man!” says a spywitness, who claims to have spotted the 54-year-old wife of Senator McCain slobbing down a long-haired man with a striking resemblance to “a washed-up ’80s rock musician.”

The wealthy blonde heiress and her secret pal have been spotted together around her hometown of Phoenix, Arizona over the past several years, The Enquirer writes.

A second witness spotted Cindy and her “mystery man” at a Moody Blues concert “passionately kissing and hugging.”

“I couldn’t believe it. I remember thinking, ‘Go get a room!’

The photo does look like her, but grainy isn’t the half of it. There is a large age gap between Cindy McCain and John McCain, and the two were reported to live apart during the election, so there might be something to it, but we wouldn’t bet on it at this stage.

The Inquisitr » national enquirer

American Media Inc Facing Bankruptcy, Liquidation: Already Defaulted on $413m

Cindy McCain having an affair?