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AFF isn't going anywhere. At least not any time soon.
OK, so Penthouse owes a lot of money and their long term debt has become short term debt. That is all any of us know. None of us know the terms of their loans. Hell, perhaps it is in the terms of their loan that they must file for an IPO if they default. Maybe if the IPO fails, the terms get renegotiated. Seems possible. Who knows? None of us.
Do you really think this is going to kill AFF? You think that FFN will run out of money and then just delete everything and 404 their sites? LOL. Do you think that the banks are going to just let their $400MM disappear into thin air? FFN has assets. Those assets are AFF, cams.com, and Penthouse. What they hell do you think is backing those loans?
Just like a mortgage, the loan is backed by an asset. If you can't pay your mortgage, the bank takes your house and tries to recoup their money. This doesn't mean that the assets are worth the loan amount, but they certainly have some value. In fact, their S1 says that AFF made a profit to the tune of $17MM in the first 9 months. After Q4 it might be as high as $22MM.
Worst case, the note holders take over the company, hire new management, run the company themselves, and maybe eventually sell it off. We know that no one in adult can afford AFF and certainly not in this climate, so I'd plan on seeing it around for quite some time.
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