(Reuters) - Maybe sex doesn’t sell that well after all. PK, publisher of Penthouse magazine and numerous adult-entertainment websites, filed for Chapter 11 bankruptcy on Tuesday. Under the plan, one group of noteholders will take ownership of the sex entertainment business, which traces its roots to the late Penthouse publisher Bob Guccione.The company, which sought to combine social networking and sex, said it had struck a deal with noteholders that will reduce its debt by 0 million if approved by the U. As is typical in bankruptcy, shareholders will likely be left with nothing.Adult Friend wurde entwickelt, damit du deine besten Erotikkontakte schnell finden und treffen kannst.Beim Erotik-Dating kannst du Freunde für Sex-Dates finden und zur Sache kommen, falls du und deine Partner dies möchten!This time, email addresses, passwords, dates of last visits, browser information, IP addresses, and site membership status were revealed, reports The Guardian, citing data breach monitoring service Leaked Source.Last year's breach also included users' dates of birth, postal codes, sexual preferences, and whether they were seeking extramarital affairs.
Ezra Shashoua, the company’s chief financial officer, blamed the lower revenue on a drop in membership and increased advertising costs for affiliates, according to court documents.
In 2007 the company bought Various Inc and its dating websites from Conru and Mapstead for 0 million. Bankruptcy Court papers it plans to issue cash and new debt to holders of 4 million of first-lien notes.
A year later it filed with regulators to raise 0 million in an initial public offering, but when it finally completed the IPO in 2011, Friend Finder raised just million. It also plans to cancel about 0 million in second-lien notes and issue new stock to those debtholders, who will own the company when it exits bankruptcy if the plan receives creditor and court approval.
Shashoua also said credit card companies had refused to process transactions for the company’s Internet businesses. Friend Finder has not turned in a net profit since at least 2008, according to Thomson Reuters data.
The company was formed by Marc Bell and Daniel Staton in 2003 when they acquired out of bankruptcy the publisher of Penthouse, Guccione’s racier rival to Playboy.