Penthouse publisher files

FriendFinder Networks, which publishes the adult magazine Penthouse, filed for Chapter 11 bankruptcy yesterday with the aim of cutting its debt load as the company struggled to make certain loan payments, a court filing showed. The holding company, which also houses internet sites, listed out estimated liabilities of $500m (£314.25m) to $1bn and assets less than $10m, according to a court filing. FriendFinder has not turned in a net profit at least since 2008