MEDIA
01/01/2011 05:12 am ET Updated May 25, 2011

American Media, National Enquirer Publisher, Filing For Bankruptcy

National Enquirer publisher American Media has some sensational news of its own: bankruptcy.

Faced with resistance from a single balky bondholder, the company, which also owns Shape and Star, is scrapping the debt-for-equity swap it has labored to patch together for months and will restructure its crushing debt through a prepackaged Chapter 11 bankruptcy filing instead.

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