Tiger Oak Media, the publisher of 30 regional titles including Seattle Magazine and Seattle Business, filed for Chapter 11 bankruptcy Monday as it struggles with delays in vendor payments.
President Craig Bednar said in a news release that the filing would not impact production, mailing or advertising commitments of the company's publications. Chapter 11 bankruptcy allows owners to reorganize and be shielded from creditors and legal claims.
“Our intention is to give Tiger Oak Media a fresh start and overcome the financial concerns that have unfortunately persisted for the past couple of years,” Bednar said.
The Minneapolis-based publisher cited high vendor debt and a shift in print advertising as the reasons for its bankruptcy filing. Tiger Oak stated in federal bankruptcy court filings it has estimated liabilities between $1 million and $10 million and less than $50,000 in assets.
Tiger Oak intends to use the bankruptcy to restructure its debt and lower its cost structure, according to the news release. The company's creditors include printers, event spaces and freelancers.
