After formulating a bequest in Black media for seventy-five years, Ebony Magazine now faces bankruptcy.
Ebony Magazine is confronting a forced contingent failure as lenders explain debts sojourn unpaid.
According to Law360 creditors of a ancestral Black announcement are pulling for a Texas sovereign justice to force a code into Chapter 7 bankruptcy, a singular pierce though one they hold necessary.
Multiple petitions state Ebony Media Holdings LLC “is generally not profitable a debts as they turn due, unless they are a theme of a bona fide brawl as to guilt or amount.”
Three companies are streamer a assign for a failure filing. Houston-based Parkview Capital Credit claims to be due $11.9 million, California-based David M. Abner Associates explain a debt of $9,400 and New York-based Plum Studio claims to be due $2,300.
Earlier this month, a repository transposed CEO Willard Jackson after a financial investigation. TheGrio reported that a house of directors private Jackson from energy on Jul 2, 2020.
In a matter expelled on their website Ebony Magazine writes “In 1945 EBONY was launched to emanate prominence for Black Americans, who were invisible in a white press during a time — unless they committed crimes. Seventy-five years later, we are unapproachable to continue to move an lawful viewpoint on a multidimensional Black village and offer as a matter for thoughtfulness and progression.”
Back in 2019, a strange owners, Johnson Publishing Company, filed for bankruptcy. Both Ebony and Jet Magazine were sole in 2016, theGrio notes, to a Texas-based association now also confronting bankruptcy.
The filing “was an try to re-position a company’s iconic assets, including the Ebony and Jet brands, for long-term success,” says Parkview in a matter to The Root.
“Ebony has been a voice of a Black village for 75 years and we demeanour brazen to positioning a company’s resources to offer a Black village for another 75 years,” continues Brad Southern, boss and arch investment officer for Parkview.
According to Law360, Ebony will have a possibility to plea a due amounts. The creditors are represented by Fareed I. Kaisani of Baker Botts LLP
Ebony strictly celebrates a 75th anniversary in November.
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