The publisher of Penthouse magazine has filed an amended reorganization plan with U.S. Bankruptcy Court that pays creditors' claims in full. General Media Inc. said this week that up to $12 million in allowed unsecured creditor claims and the claims of holders of about $40 million in notes will be paid in full in cash.
IBill, the largest processor of credit card payments for the online adult industry, has been sold to a subsidiary of Penthouse International Inc. The deal ends a chapter for credit card processor Intercept, which purchased iBill in 2002 for $104 million.
Just as Penthouse is beginning to show signs of recouping after filing Chapter 11 in August, a group of creditors have emerged that could take control of Bob Guccione's porn empire
Bob Guccione's debt-ridden porn empire, a once-powerful icon of old-school print pornography, has faced tough times in recent months competing with the age of Internet porn
