Penthouse strikes deal to ease reorganization
7 April 2004, 7:20pm ET
PHSL 0.15 0.05dollars or (50.00%)
LOS ANGELES, April 7 (Reuters) - Adult magazine publisher Penthouse International (BB:PHSL) said on Wednesday it has agreed with a principal stockholder to a deal covering the sale of preferred stock that clears a hurdle in its bankruptcy reorganization.
In a statement, New York-based Penthouse said stockholder Luis Enrique Molina will acquire 75 percent of the Class A preferred stock shares of Penthouse unit General Media Inc.
"This transaction paves the way and significantly enhances the ability of Penthouse and Dr. Molina to obtain confirmation of our plan of reorganization," Claude Bertin, executive vice president of Penthouse, said in a statement.
