Surfer, Skateboarder, and Snowboarder magazines’ parent company Source Interlink’s plans to reorganize under Chapter 11 bankruptcy have run afoul of the IRS according to a story on Foliomag.com.
The Internal Revenue Service has filed an objection to Source Interlink’s plan of reorganization, claiming the magazine publisher and distributor owes more than $10 million in unpaid taxes. . . The objection, filed last week in Delaware’s U.S. Bankruptcy Court, said Source’s reorganization plan cannot be confirmed because it does not ensure adequate payment of the IRS’ tax claims. The IRS said Source and its affiliates have not filed a “staggering” number of federal tax returns.
What does it mean when you can’t even get your bankruptcy plans confirmed?
[Link: Folio Magazine]
let the magazine fire sale begin.
One less crappy magazine.
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