Late Monday night/early Tuesday morning, FriendFinder Networks Inc. and a number of affiliated companies voluntarily filed for chapter 11 bankruptcy protection in Delaware. The company’s common stock was formerly traded on the NASDAQ market under the ticker symbol FFN, but began trading on the OTCQB market under the ticker symbol FFNT on August 8, 2013. According to the company’s website, it’s business operations are comprised of the following:
FriendFinder Networks Inc. is a leading Internet-based social networking and technology company operating several of the most heavily-trafficked websites in the world. We provide our customers with a wide variety of online products and services, appealing to members of diverse cultures and interest groups, so they can interact with each other and enjoy our content. Our sites’ services include social networking, online personals, live and recorded video, online chat rooms, instant messaging, photo and video sharing, blogs, message boards, email and premium content websites. FriendFinder Networks also produces and distributes original pictorial and video content, licenses the globally recognized Penthouse brand to a variety of consumer product companies and entertainment venues, and publishes branded men’s lifestyle magazines.
The company reported total assets of approximately $465.3 million and total liabilities of approximately $662.0 million. In the bankruptcy, FriendFinder Networks is represented by the law firms of Greenberg Traurig, LLP (bankruptcy counsel), Akerman Senterfitt (special counsel and conflicts counsel), as well as the financial advisory firm of SSG Capital Advisors, LLC.
A copy of the company’s voluntary petition is embedded below.