Skip to Content

Listen to the Joystiq Podcast (because your ears can't read)
AOL Tech

bankrupt posts

Stereophile mag's parent company hits hard times

by Steven Kim posted May 3rd 2009 at 9:39AM

Stereophile headstoneWe've been steering around stories related to the woeful state of the economy -- and even trying to add some sunshine of our own -- because, frankly, writing about an endless string of companies hitting hard times is just depressing. But the bankruptcy of Source Interlink, parent company of Stereophile magazine, strikes a nostalgic chord for us. Our introduction to the crazy audiophile world came through the folio-sized pages, but recent glances at magazine racks show a slimming magazine and a move towards the nosebleed price regime of the high-end. We don't think that the growth in consumer audio -- and (gasp) convenience -- is at odds with high performance, and one magazine is hardly a bellwether for an entire market; but it's clear that manufacturers need to do more than put high-grade finishes and price tags on their goods to enjoy a healthy business that can survive changing trends in today's market. But we'd love to hear your thoughts -- what's your take on the health of high-end audio?

Charter Communications files for prearranged Chapter 11 bankruptcy

by Darren Murph posted Mar 29th 2009 at 12:35PM


We knew the flagging Charter Communications was looking to file for Chapter 11 on or before April 1st, and rather than waiting until Wednesday and fielding questions of whether or not the whole thing was "a joke," said carrier has gone ahead and made things official here in March. This past Friday, the fourth largest cable company filed for its prearranged Chapter 11 bankruptcy in order to stave off hungry creditors and look for ways to keep afloat. The good news is that it's hoping to emerge from bankruptcy as early as this summer, and at least currently, it's not planning to sell any of its assets to competitors. Of note, Charter has failed to post a single profit since going public in 1999, so one shouldn't be shocked at the $8 billion debt figure that the filing will restructure. Good luck out there Charter, you're going to need it.

Charter Communications to file for bankruptcy

by Darren Murph posted Feb 12th 2009 at 2:28PM Breaking News


Okay, so we hate to be blunt, but if there was one cable carrier out there just waiting to crash, it was Charter. The company famous for engaging in less-than-forthright contest practices and perpetually finding ways to perturb subscribers has just announced that a Chapter 11 filing isn't too far away. In fact, a recent press release makes clear that it "intends to implement its financial restructuring through a Chapter 11 filing to be initiated on or before April 1, 2009." As per the agreement, all debt holders will reportedly be paid in full, with Paul Allen keeping the largest voting interest in the company. Of course, shareholders' stake in the company will be canceled, but the decision will supposedly reduce debt by around $8 billion. As expected, the company has assured subscribers that its services will continue to operate throughout the debt restructuring process, but we wouldn't expect service to get any better in the coming months.

[Via AP, thanks Vanbrothers]

Analysts ponder Charter, Univision futures as debt payments loom

by Darren Murph posted Jan 2nd 2009 at 6:31AM

We've known for years that Charter Communications isn't what you'd call a "stellar" cable operator, but we had no idea things were looking this dire for the outfit. According to a new report surfacing at Reuters, the St. Louis-based MSO is currently holding a net debt of around $21 billion, and it has purportedly said that it may need to "go into bankruptcy to deal with that burden." In order to stay afloat this long, it has "refinanced and extended its maturities every year since 2004," and just before Christmas it asked a longtime financial adviser to "start talks with bondholders to boost its financial flexibility." In related news, things aren't looking much brighter for Spanish-language media giant Univision, which recently reported a stiff 25% drop in automotive advertising. For awhile, it seemed the media firms were almost untouchable, but the recent downturns in the economy could be taking their toll on a few mainstays. Ah well, at least Charter subscribers can now somewhat justify those rate increases... somewhat.

Tweeter chirps its swan song

by Steven Kim posted Dec 17th 2008 at 2:47PM


The trials and tribulations of corporate bankruptcy have come to an end for Tweeter. The firm was granted Chapter 7 status, presumably allowing the stores to be reopened, but a recent filing makes it clear that this plan has gone up in smoke due to the associated expenses and logistical difficulties. So now it's for the trustee, one George Miller, to vacate as many retail locations as possible, clear out unsold inventory, empty the corporate offices and even pick up the keys to company vehicles; all by December 31, in time for the warehouse sale. Given the developments on the company's website, this end is probably for the best -- except for employees who reportedly have not been given their bonuses or vacation time pay. Tweeter, we hardly knew ye.

[Image courtesy highfihoney]

High-end HDMI provider VizionWare closes down

by Steven Kim posted Oct 15th 2008 at 10:07PM

VizionWare Hi-Wirez HDMI cable
It's not fun to hear about people losing jobs these days, but we're not fond of high-end cables around these parts, especially for digital signals like HDMI. The number of purveyors of high-end HDMI purveyors just decreased with the loss of VizionWare, which had a range of amplified HDMI cables suitable for long run lengths. Unlike some other companies, VizionWare actually had some original tech in its offerings, so it's not at the top of our list of companies we'd like to see go under, but the sole focus on HDMI proved to be too small of a niche to justify its $20M in VC funding. The company's internet storefront is still up for now, but those looking for closeout bargains will be disappointed -- prices start at $20 for a passive 4-ft cable, and active cables starts at $83 for that same length.

MovieBeam to have one last go at it?

by Darren Murph posted May 6th 2008 at 4:02PM


When MovieBeam shut down operations last December, we had a feeling we wouldn't be mourning for long, but we definitely didn't see it playing out like this. Reportedly, Movie Gallery is asking for bankruptcy court approval to sell its VOD service to one Dar Capital Limited for a cool $2.25 million. Should the deal go down, the firm would technically pick up 1,800 customers who had once shelled out for the dedicated set-top-box -- but really, why on Earth would any halfway sane investor exhume this thoroughly decomposed corpse and attempt to breathe new life into it?




    AOL News

    Other Weblogs Inc. Network blogs you might be interested in:

    Joystiq
    Download Squad
    The Unofficial Apple Weblog (TUAW)
    BloggingStocks
    Joystiq Xbox
    Autoblog
    Big Download
    Fanhouse NFL Blog