AMI Officially Files for Chapter 11

first_imgStar magazine and National Enquirer publisher American Media Inc. officially filed its pre-packaged Chapter 11 bankruptcy plan today in the U.S. Bankruptcy Court for the Southern District of New York. The restructuring petition was agreed upon by bondholders holding more than 75 percent of the company’s bond debt and secured lenders holding more than 70 percent of its bank debt.AMI was a bit more specific about the breakdown in a statement announcing the filing: The Prepackaged Plan, which has been approved by the majority of creditors entitled to vote on the Prepackaged Plan, contemplates that, among other things, holders of secured term facility claims will receive a combination of cash and new second lien notes; holders of secured revolver claims will be paid in full; holders of subordinated notes will receive stock in the reorganized Company; and holders of trade claims will be paid in full. UPDATE: According to the bankruptcy filing, AMI’s debt structure following court confirmation will include a $385million first lien loan and up to $140 million in second-lien loans. Italso calls for a new $40 million revolving credit facility.The filing also indicates that AMI claims between $0 and $50,000 in assets but carries between $500 million and $1 billion in liabilities. The documents say AMI has up to 49 creditors. Among the largest are Wilmington Trust and HSBC Bank. Magazine industry companies named as debtors include: RR Donnelley, Quad Graphics, Source Interlink Media and Trend Offset Printing Services.   In addition to the main petition, AMI also filed a handful of motions requesting a number of things, among them: to continue employee wage and benefits programs; to honor current customer programs without interruption; and to pay creditors in the “ordinary course of business.”  AMI says it does not intend to seek debtor-in-possession financing.AMI announced earlier this month that it was moving toward filing a pre-packaged bankruptcy plan that would “significantly de-lever” its balance sheet. The company says it expects to emerge from the process within 60 days.Earlier today, it was reported that Valerie Latona, the editor of AMI’s Shape magazine, is no longer with the magazine. Latona, who came under fire after a recent cover story featuring singer LeAnn Rimes, will be replaced by Star beauty and fashion director Tara Kraft.last_img read more

2018 TOWN ELECTION Eaton Leads The Pack In Fundraising Several Candidates Choose

2018 TOWN ELECTION Eaton Leads The Pack In Fundraising Several Candidates Choose

first_imgWILMINGTON, MA – Each candidate for public office in Wilmington is required to submit a pre-election campaign finance report to the Town Clerk’s Office.Please note the following totals are as of April 10, 2018, so it is possible (perhaps likely) additional funds have since been raised and spent. Those numbers will be captured in the post-election campaign finance report due 30 days after the election.Selectmen’s RaceSelectman candidate Jonathan Eaton raised, by far, the most amount of money of any candidate in any race.According to Eaton’s Campaign Finance Report, he collected $3,552 in campaign contributions from 32 donors. He spent $2,864.00 in campaign expenses. Major expenses included $1,242 for lawn signs via Winbrook, $417 for a newspaper insert via VistaPrint, and $321 for renting the Wilmington Knights of Columbus Hall for a campaign rally.Donors to Eaton’s campaign include the following public officials: Selectman Mike Champoux ($100), Selectman Greg Bendel ($50), Selectman Kevin Caira ($50), Selectman Ed Loud ($50), School Committee Chair Steve Bjork ($40), Town Moderator Rob Peterson ($50), Finance Committee Chair Theresa Manganelli ($50), Finance Committee member John Doherty ($100), and Planning Board member Randi Holland ($15).   The majority of these donations were received on March 16, which was the date of Eaton’s campaign rally.Also of note, Eaton ($500), Eaton’s father ($500), Eaton’s former law partner & current colleague ($500), Eaton’s brother ($100), and Eaton’s sister-in-law ($100) also contributed to the campaign.“It has been no secret that many dedicated town and community volunteers have decided to support me in becoming the next selectman. I believe that speaks to my experience, my demeanor, my involvement in the community, and my ability to thoughtfully solve problems,” Eaton tells Wilmington Apple. “While it is humbling to receive the support of town officials, by no means would that ever affect any vote that I may have as a member of the Board of Selectmen.”According to Fasulo’s Campaign Finance Report, he did not collect money from any campaign donors.  He spent $1,206.24 in campaign expenses, including lawn signs.School Committee RaceDavid Ragsdale appears to have raised the most money of any School Committee candidate.According to his campaign finance report, Ragsdale collected $1,500 in campaign contributions — a $1,000 donation from his parents and a $500 donation he made to himself. He spent $1,220.00 in campaign expenses. Major expenses included $721.44 for postcards and posters via Connolly Printing and $401.63 for lawn signs via Connolly Printing.According to her campaign finance report, MJ Byrnes received and spent no money so far this election cycle.The Town Clerk’s Office did not provide the campaign finance report for Jesse Fennelly.  Fennelly tells Wilmington Apple he did submit a report, but that the Town Clerk’s Office may still be working through some questions surrounding it.Town Moderator’s RaceAccording to his campaign finance report, Town Moderator Rob Peterson Jr. collected no contributions and spent $871.78 In expenses. All expenses went towards lawn signs via Connolly Printing.The Town Clerk’s Office did not provide the campaign finance report for Kevin MacDonald. Its status is unknown.Uncontested RacesAccording to their campaign finance reports, both incumbents James Gillis (Shawsheen Tech School Committee) and Robert DiPasquale (Housing Authority) collected and spent no money this campaign season. Both have no funds in their campaign accounts leftover from prior cycles.Like Wilmington Apple on Facebook. Follow Wilmington Apple on Twitter. Follow Wilmington Apple on Instagram. Subscribe to Wilmington Apple’s daily email newsletter HERE. Got a comment, question, photo, press release, or news tip? Email wilmingtonapple@gmail.com.Share this:TwitterFacebookLike this:Like Loading… RelatedSTATE REP RACE: Candidates File New Campaign Finance ReportsIn “Government”SELECTMEN NEWS: Board Supports Fire & Police Substation In North Wilmington; Town To Vote On Project In April 2020?In “Government”CAMPAIGN FINANCE: Mark Kratman Raises More Money From Donors Than His 4 Primary Opponents COMBINEDIn “Government”last_img read more

Four women raped in Ctg house

Four women raped in Ctg house

first_imgA gang of robbers allegedly raped four women after committing burglary in a house at Karnafuli in the port city of Chittagong on 12 December, reports UNB.After five days of the mugging, a case was filed with Karnafuli police station in this regard.During the robbery no male members of the family were present in the house.The victims alleged that the muggers stormed into the house around 1:00am after cutting the grills of windows and snatched jewellery, valuables and cash money.Later, at gunpoint, they raped three sister-in-laws and one of their female relatives, who was visiting them on the day.Local Union Parishad chairman Didarul Islam blamed the non-corporation of law enforcers for the delay in case filing.Victim’s family members said on 13 December, police sent them to Patia thana while they went to Karnafuli police station to file a case, and Patia police again redirected them to Karnafuli.With the interference of state minister for land Saifuzzaman Chowdhury, police finally took the case and arrested two people in this regard.Meanwhile, Karnafuli police station officer-in-charge Syed Mostafa said firstly they (victims) did not mention about the rapes and referred a different name of their village that actually falls under Patia police station.After one or two days they corrected the name of their village and the case filed accordingly, he added.last_img read more

Reddit Is Testing Tipping With a Single Lucky User

Reddit Is Testing Tipping With a Single Lucky User

first_imgReddit is experimenting with a new tipping feature that could give its users a chance to earn some real cash: The self-proclaimed front page of the internet is currently testing tipping on a single Subreddit, with tips benefitting just one lucky user.“Anyone in r/shittymorph can now tip u/shittymorph for the content he posts to this subreddit,” explained a Reddit admin in an announcement post for the test, which was first reported by Cnet. This is an experimental feature available only in this subreddit, and no other community,” he added.A Reddit spokesperson confirmed the test in a statement sent to Variety: “We are always running experiments to test potential features that support and empower our users, and the tipping feature in r/shittymorph is one of them. Only a small percent of experiments get implemented.” The lucky user in question has thus far been tipped $81, according to a badge displayed next to his user name. However, the amount ultimately paid out is likely going to be lower: Reddit’s moderator explained in a comment that the company is taking a small cut from any money donated, and also subtracting fees for payment processing.“Majority of the tip goes to u/shittymorph and a portion goes to Reddit. If you were to tip $100, about $78.5 goes to u/shittymorph, $18.5 to Reddit, and $3 to Stripe,” he said. Popular on Variety ×Actors Reveal Their Favorite Disney PrincessesSeveral actors, like Daisy Ridley, Awkwafina, Jeff Goldblum and Gina Rodriguez, reveal their favorite Disney princesses. Rapunzel, Mulan, Ariel,Tiana, Sleeping Beauty and Jasmine all got some love from the Disney stars.More VideosVolume 0%Press shift question mark to access a list of keyboard shortcutsKeyboard Shortcutsplay/pauseincrease volumedecrease volumeseek forwardsseek backwardstoggle captionstoggle fullscreenmute/unmuteseek to %SPACE↑↓→←cfm0-9Next UpJennifer Lopez Shares How She Became a Mogul04:350.5x1x1.25×1.5x2xLive00:0002:1502:15center_img CREDIT: Courtesy of Reddit Reddit isn’t the only site looking to tipping to reward its community for their contributions. Facebook launched tipping for live streamers about a year ago, and YouTube has been experimenting with tip jars for live streamers since last summer.All of this happens as Patreon continues to grow its business. The membership-focused startup announced last month that it had surpassed 3 million paying users, and that it aims to pay out $500 million to creators this year. Coincidentally, Patreon also teamed up with Reddit last October to allow communities to raise funds with memberships.last_img read more