The publisher of EGM, Games for Windows: The Official Magazine and 1UP.com has filed for Chapter 11 bankruptcy in a Manhattan court today, in an attempt to restructure its sizable, long-term debt. Ziff Davis has, according to Bloomberg's report, filed papers indicating it has somewhere between $US 500 million and $US 1 billion in debt, with previous reports pegging the debt at around $US 400 million.
The company has tried to negotiate its substantial debt out of the courts before, following a missed interest payment last summer. Over the past four years, the company had shuttered some of its publications, including the Official PlayStation Magazine and GMR, but continues to publish print properties like eWeek and PC Magazine as well as nearly twenty technology and entertainment web sites.
While we don't know much about the financial health of its video gaming properties, we have heard that the 1UP Yours podcast will be scaled back to a lean three hours in an effort to cut costs. A temporary setback, we hope.