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cautioned that, unless it can repay or restructure its obligation, it will face “a material deficiency in our short term liquidity.” With these shortfalls in mind, the company again announced an intention to make an initial public offering of stock, representing a 49% stake in the company, with plans to use the proceeds to pay down its debt and become listed on the New York Stock
Exchange. The contemplated public offering, scheduled to reach the market on January 27, 2010 was delayed by FFN. On February 5, 2010, FFN announced its intention to indefinitely delay its contemplated IPO until market conditions improve.
195:
As of
January 17, 2010, FriendFinder Networks had a negative net worth equal to $ 118 million, $ 32 million in cash on hand and $ 650 million in liabilities. The company had also indicated that it lacked existing cash or cash from operations to repay a $ 44.5 million debt that was due July 31. It has
226:
FriendFinder had not turned a net profit since at least 2008. Ezra
Shashoua, the company's chief financial officer, blamed the lower revenue on a drop in membership and increased advertising costs for affiliates, according to court documents. Shashoua also said credit card companies had refused to
249:
and leaked from several FriendFinder
Networks websites. The breach included account data from Adult FriendFinder (which constituted over 339 million accounts), Cams.com, and Penthouse, including accounts that had supposedly been deleted. The passwords were either stored as plain text or encrypted
181:
as a spin-off, followed later by other spin-offs dealing with different regions and niches. Much of the company's growth without investment capital has been attributed to its affiliate program, with more than 500,000 affiliates to date.
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In
December 2013, FriendFinder Networks' reorganization plan won court approval by the U.S. Bankruptcy Court in Delaware. Founder Andrew Conru, was named as the reorganized company's chairman and CEO.
150:, and other dating services targeting various territories and niche categories, such as the South America-focused Amigos.com, and Christian dating website BigChurch), as well as niche websites for
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In 2008, the company filed for a $ 460 million initial public offering. Most of the money generated was to pay down $ 420.1 million in short-term debt and other obligations.
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process transactions for the company's
Internet businesses. The company stated it had negotiated a deal with noteholders that would reduce its debt by $ 300 million.
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FriendFinder was launched in 1996 by Andrew Conru and Lars
Mapstead. After discovering that users had been using the service to seek sexual partners, he launched
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On
November 13, 2016, it was reported that a database of over 412 million accounts, including usernames, e-mails, and passwords, had been
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purchased FriendFinder's parent company, Various, Inc., for $ 500 million. Penthouse later changed its name to FriendFinder
Networks.
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brand to
Penthouse Global Media, a new company formed by the brand's managing director Kelly Holland.
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because its stock had not traded for more than $ 1. On September 16, 2013, the company filed for
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450:"Penthouse publisher FriendFinder files for bankruptcy protection - Los Angeles Times"
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808:"Over 300 million AdultFriendFinder accounts have been exposed in a massive breach"
320:"What's next for Libertarians? Presidential hopefuls bring platforms to Alabama"
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services include FriendFinder and its various spin-off services (such as
665:"Penthouse Publisher FriendFinder Files for Bankruptcy Protection - WSJ"
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In June 2010, FriendFinder Networks made a $ 210 million bid to acquire
220:
272:"When Sex Doesn't Sell: FriendFinder Networks Files for Bankruptcy"
207:, who owned 70 percent of the voting stock, did not want to sell.
523:"Two words, lads: Penthouse IPO | Crain's New York Business"
733:"Andrew Conru: Executive Profile & Biography - Businessweek"
689:"UPDATE 2-Penthouse publisher FriendFinder files for bankruptcy"
548:"FriendFinder Networks Said to Delay IPO to Next Week (Update3)"
233:
In February 2016, FriendFinder Networks sold the rights to the
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127:, with additional offices in California, New York, and Taiwan.
757:"AdultFriendFinder network hack exposes 412 million accounts"
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websites. In 2007, the company was acquired by the owners of
711:"FriendFinder Alters Reorganization Plan to Win Court OK"
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Companies that filed for Chapter 11 bankruptcy in 2013
115:) is an American internet company founded in 1996 by
498:"The FriendFinder IPO Filing: Just the Naughty Bits"
477:"UPDATE 1-FriendFinder files for $ 460 million IPO"
215:In August 2013, FriendFinder was delisted from the
837:
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589:"Penthouse owner makes competing bid for Playboy"
425:"Penthouse Buys Group of Social-Networking Sites"
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567:"Crashing Markets Delay FriendFinder's Porn IPO"
403:"Social networking's dirty side - April 1, 2007"
350:. Securities and Exchange Commission. 2012-12-31
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639:"Penthouse magazine owner files for bankruptcy"
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370:"Penthouse Magazine Launches Digital Edition"
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165:, and adopted its current name. In 2016, the
782:"Penthouse Wants You To Reclaim Your Vagina"
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123:. Its corporate headquarters are located in
860:Online dating services of the United States
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855:Internet properties established in 1996
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865:Companies based in Boca Raton, Florida
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368:Alpert, Lukas I. (2016-01-21).
274:. Business Week. Archived from
130:The company primarily deals in
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612:Andrew Vanacore (2010-07-15).
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565:Gillian Reagan (2010-02-05).
423:Martin, Andrew (2007-12-12).
298:"AMENDMENT NO. 2 TO FORM S-1"
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735:. Investing.businessweek.com
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71:Andrew Conru, Lars Mapstead
54:; 28 years ago
20:Friend Finder Networks Inc.
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475:Wahba, Phil (2008-12-23).
401:Stein, Joel (2007-03-30).
318:Sharp, John (2023-03-23).
211:Bankruptcy, reorganization
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140:social networking services
348:FriendFinder Networks Inc
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16:American internet company
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223:bankruptcy protection.
731:Andrew B. Conru Ph.D.
152:alternative lifestyles
109:Friend Finder Networks
691:. Reuters. 2013-09-17
278:on September 20, 2013
187:Penthouse Media Group
43:Penthouse Media Group
169:brand was sold off.
554:. January 27, 2010.
502:Wall Street Journal
374:Wall Street Journal
201:Playboy Enterprises
132:adult entertainment
125:Boca Raton, Florida
81:Boca Raton, Florida
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814:. 13 November 2016
569:. Business Insider
179:Adult FriendFinder
148:Adult FriendFinder
63:(as Various, Inc.)
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455:Los Angeles Times
300:. SEC. 2011-12-16
270:Bachman, Justin.
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117:Andrew Conru
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76:Headquarters
33:sex industry
818:13 November
792:14 November
766:14 November
713:. Bloomberg
344:"Form 10-K"
205:Hugh Hefner
39:Predecessor
849:Categories
739:2014-06-10
717:2014-06-10
695:2014-06-10
674:2014-06-10
623:2014-06-10
598:2014-06-10
573:2014-06-10
533:2014-06-10
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483:2014-06-10
461:2014-06-10
434:2014-06-10
409:2014-06-10
387:2020-11-22
354:2013-09-17
329:2023-09-18
304:2014-06-10
258:References
221:Chapter 11
111:(formerly
95:Key people
812:The Verge
593:USA Today
552:Bloomberg
479:. Reuters
382:0099-9660
235:Penthouse
185:In 2007,
167:Penthouse
161:Penthouse
643:LA Times
254:cipher.
247:breached
163:magazine
25:Industry
173:History
68:Founder
57: (
49:Founded
380:
282:10 May
217:NASDAQ
156:webcam
138:, and
761:ZDNet
252:SHA-1
820:2016
794:2016
768:2016
650:2013
378:ISSN
284:2014
119:and
87:U.S.
59:1996
52:1996
101:CEO
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