Wow, who woulda thought this would happen...
Los Angeles ? Various Inc., The parent company of AdultFriendFinder.com and Cams.com has filed for Chapter 11 reorganization and agreed to the company's sale to a firm that helps troubled companies.
The $750 million sale to Gordon Brothers Group is subject to bankruptcy court approval.
The prospective buyer said it intends to continue operating privately held Various, which runs the world largest dating site.
The US-based company has struggled to overcome financial problems left over from its advertising campaign with a company by the name of Zango, while also competing against other newer dating websites and the social networking site MySpace.com.
450-person company brings in well over $200 million in annual revenue.
"Gordon Brothers is actively pursuing the purchase of the assets of Various Inc. with the intention of continuing the operations of the company," said Chet Atkins, a spokesman for Gordon Brothers.
The firm specializes in buying, selling and appraising assets of troubled companies, and providing financing to complete buyouts and turnaround efforts.
Various' board has unanimously approved the sale to Gordon Brothers. Various said in a news release that the Chapter 11 process "will provide an efficient environment for completion of the sale."
The sale to Gordon Brothers "is subject to higher and better offers" during the bankruptcy process, said Various, which did not indicate whether other offers were pending.
Various said it expects the sale to be completed by the end of next month, subject to approval of the U.S. Bankruptcy Court in Delaware where it made its Chapter 11 filing.
GE Commercial Finance will provide temporary financing during the Chapter 11 process and ownership transition, Various said.
Various CEO Andrew Conru, who is the founder of the company, said the sale to Gordon Brothers "transitions the company into a state of permanent ownership and financial stability."
Various hopes it can emerge from the new Chapter 11 case with improved chances.
"We are in an extremely competitive environment, but we are hopeful this will set the company up for long-term success by operating unburdened," Conru said.
http://news.yahoo.com/s/ap/20070401/...JyOGzbLMWM 0F
That is just isane, specually after the nice write up in Business 2.0 mag
Happy april fools day fuckers
