Source Interlink Cos., the publisher of Motor Trend, Hot Rod and Street Chopper magazines controlled by billionaire Ron Burkle’s Yucaipa Cos., sought bankruptcy protection as it moves to become a private company.
The company, which also distributes newspapers and other publications, listed debt of $1.9 billion and assets of $2.4 billion as of April 24 in Chapter 11 documents filed yesterday in U.S. Bankruptcy Court in Wilmington, Delaware.
Source Interlink publishes 75 magazines, mostly about cars and motorcycles, putting it at the nexus of two struggling industries. Iconic Motor Trend is in bankruptcy as Chrysler LLC and General Motors Corp. face a similar fate this week and next month.
–
Read the full
Bloomberg News
story.
–
Read the full
Wall Street Journal
story (subscription required).
–
Read the full
Reuters
story.
–
Read the full
Fort Myers News-Press
story.