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Ziff Davis Filing Chapter 11

This Press Release has word that Ziff Davis will be filing for Chapter 11 bankruptcy protection after the failure of "good faith negotiations with certain of its subordinated unsecured noteholders," leading to an agreement with an ad hoc group of noteholders to reorganize under Chapter 11 (thanks Neutronbeam and PaidContent.org). Word is the owner of PC Magazine, 1Up, and ExtremeTech has filed a number of what are called "customary 'first day' motions" to allow them to continue paying employees and vendors while reorganizing.