Thanks to JCD for sending in the news, and Byte for his post on BPN. :)
ZIFF DAVIS MEDIA, which was a major player in technology publishing with PC magazine and the now-closed Yahoo Internet Life, has been telling advertisers that it will be forced to enter a prepackaged bankruptcy by the end of this week, according to a major advertiser and two publishing executives who are close to the situation.
Company officials had no comment on the potential bankruptcy, but acknowledged that there would be a financial restructuring by Friday.
ZD had sought approval for a plan, arranged in May with key creditors, that would have cut its $450 million debt by $155 million and cut its annual interest payments $30 million without a bankruptcy proceeding.
UPDATE:
c|net, ZDNet and the like are not owned by Ziff Davis (as I had earlier mentioned), but are instead owned by cnet networks.