Ebony’s Creditors Seek to Force Publisher Into Bankruptcy
Ebony’s Creditors Seek to Force Publisher Into Bankruptcy
(Bloomberg) -- The owner of Ebony, one of nation’s top African-American publishers, is being sued by creditors who want the company pushed into bankruptcy to pay off its debts.
The creditors, led by the investment firm Parkview Capital Credit Inc., filed an involuntary bankruptcy petition Thursday in federal court in Houston.
Ebony was founded in 1945 and became one of the nation’s oldest and largest African-American magazines. For 75 years, it featured African-American celebrities and personalities on its covers before abruptly dropping its print edition earlier this year and moving its entire effort online.
Parkview claims the publisher, Ebony Media Holdings LLC, owes it $11.8 million. It is joined in the suit by two other creditors, as required by bankruptcy law, that each lists claims of less than $10,000.
The former owner of Ebony, Johnson Publishing Co., filed for Chapter 7 bankruptcy in April 2019.
Ebony didn’t respond to requests for comment.
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