Wednesday, April 7, 2010 | 8:31 a.m.
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Entertainment and lifestyle publisher 944 Media LLC filed for Chapter 11 bankruptcy reorganization in Los Angeles on Tuesday.
The company publishes in Atlanta, Dallas, Detroit, Las Vegas, Miami, Orange County, Calif., Phoenix, San Diego and San Francisco; and operates a Web site, 944.com.
944 said it sought protection "to assure its continued operation in the face of several potentially burdensome lawsuits."
"The whole point of this proceeding is to enable us to keep doing what we do while resolving the litigation in an orderly process. We are confident that 944 Media will be able to resolve our pending issues, but prudence dictates that we take steps to protect ourselves, our employees and our clients through the Chapter 11 process," founder and CEO Marc Lotenberg said in a statement.
944 is based in Beverly Hills, Calif.
The company bankruptcy filing listed assets of $1 to $10 million and liabilities of $10 million to $50 million. One of the company's largest creditors is Creel Printing & Publishing Co. of Las Vegas, owed $2.45 million.
944 Media said it has received new financing and that its operations will continue uninterrupted.
On its Web site today, 944.com listed "Top 9 Fun Facts About Chapter 11 and Hot Lawyers."
No. 1, according to the Web site, is "Hey, it happens."
"Reorganization is not uncommon. In 2009, there were a total of 11,785 filings," the Web site said.
In Las Vegas, 944 is a competitor with Greenspun Media Group, owner of the Las Vegas Sun and other publications.