According to a flyer received from Latts and Atts, "Sail" magazine is about to enter bankruptcy and enter a Chapter 11 reorganization. Stay tuned for details....
"Sail" to enter bankruptcy
- Thread starter Warren Milberg
- Start date
- Status
[FONT=Verdana,Geneva,Arial,Helvetica,sans-serif]Received this email today:
"Source Interlink Companies - publisher of Sail and Power & Motoryacht magazines - reached a restructured agreement with its lenders to eliminate about $1 billion of debt and privatize the company. Source Interlink publishes more than 75 magazines for consumer audiences, including Sail, Power and Motoryacht, Motor Trend, Automobile, Hot Rod, Snowboarder, Stereophile and Surfer.
Under the agreement, the lenders will cancel nearly $1 billion of the company's existing debt and provide about $100 million in additional liquidity, according to a company release. Source Interlink reportedly will pay all of its vendors in full and on time if they agree to maintain current credit and payment terms.
To facilitate the restructuring, Source Interlink filed a lender-approved, prepackaged Plan of Reorganization under Chapter 11 in the U.S. Bankruptcy Code. The company anticipates it will emerge within 35 days of the April 27 filing." [/FONT]
"Source Interlink Companies - publisher of Sail and Power & Motoryacht magazines - reached a restructured agreement with its lenders to eliminate about $1 billion of debt and privatize the company. Source Interlink publishes more than 75 magazines for consumer audiences, including Sail, Power and Motoryacht, Motor Trend, Automobile, Hot Rod, Snowboarder, Stereophile and Surfer.
Under the agreement, the lenders will cancel nearly $1 billion of the company's existing debt and provide about $100 million in additional liquidity, according to a company release. Source Interlink reportedly will pay all of its vendors in full and on time if they agree to maintain current credit and payment terms.
To facilitate the restructuring, Source Interlink filed a lender-approved, prepackaged Plan of Reorganization under Chapter 11 in the U.S. Bankruptcy Code. The company anticipates it will emerge within 35 days of the April 27 filing." [/FONT]
IT is sad how many companies are having issues during the economy. Advertising is tough because companies are spending less money on these kinds of things because they have less money as well.
It is ashame.
It is ashame.
Whew..
Whew! Glad those checks from Sail cleared before all this..
Guess I'll have one less source to sell photos to..
Whew! Glad those checks from Sail cleared before all this..
Guess I'll have one less source to sell photos to..
I've been paying $10 a year for my subscription for the past 3 years. I don't see how they can make money selling it for that. The magazine is pretty empty in the information and knowledge department. the pictures are ok, and it gives me something to read when in the crapper. The quality of the paper is too good for wiping though. So for not even being able to use it for TP, I'd say it's really not worth buying.
just my 2 cents
Dave
just my 2 cents
Dave
I work in the media industry and its just an evolving trend happening everywhere. The Newspapers and magazines are too slow to move online and sites like this and Sailnet are taking over. Consumer generated content we create is quicker, more efficient and on target with what we want to read when we want it - all for free. Sailboatowners and Sailnet are smart - they sell products and advertising and have a data base of loyal "subscribers" that are more engaged with their brands than most others. Ive gotten more out of post from really great guys here such as Main Sail verses from many of the trade pubs combined. We are all here because we want to be here and the pros are too slow to pick up on that.
- Rob
- Rob
Rob, I will second the part of having good information on here. THere is a wealth of knowledge around here!
Bob M...
hit the nail on the head. How many of their readers truely are able to buy, much less afford the upkeep on a Morris, Oyster, Nautor, Hylas, or any other of the high end boats that they seem to favor. My last subscription was a ten dollar deal and I got a flimsy hat for renewing.
"GOB" and "Sailing" seem to be better attuned to the sailing community. Now, if I could only find the time to read the articles instead of just drooling over the pictures...
PS: MainSail, the above two could be new sources of income given the excellent level of presentations you make here.
hit the nail on the head. How many of their readers truely are able to buy, much less afford the upkeep on a Morris, Oyster, Nautor, Hylas, or any other of the high end boats that they seem to favor. My last subscription was a ten dollar deal and I got a flimsy hat for renewing.
"GOB" and "Sailing" seem to be better attuned to the sailing community. Now, if I could only find the time to read the articles instead of just drooling over the pictures...
PS: MainSail, the above two could be new sources of income given the excellent level of presentations you make here.
We have been writing for many years for Sail, Soundings Magazine, Bluewater Sailing, Southern Boating and Good Old Boat. We have watched publications like Sail and Cruising World drift so far away from the original concept that except for the newbees to boating the rest of the community is just not interested in megayachts and rehashing of anchoring for the 100th time. Publications like Cruising World will only publish articles from their in house "cruising editors" so they loose the perspective of the average cruisers. The articles are stale, out of reach of the average boater, slanted towards the advertisers and designed with as few words as will fit to get more advertising in. We were delighted to get into Good Old Boat since they have stayed with their original formula and present articles and information relative to most of us. Our articles are printed a year out because they have enough good content to fill their future issues. We can only hope they don't get gobbled up by one of the big publishing houses and fall into the rut of most of the current publications. I really don't have much sympathy for the current plight of some of them since they have lost touch with reality and put themselves in thier current straights. Chuck
I agree with the above. I stopped renewing Sail and Cruising World a few years back. The last straw was an artical about how difficult i was to get a 50 inch flat screen to retract into the cabinet. That did it for me. What was next, keeping the pipe organ tuned?
Same for us!
Yep, it's the same for us--
We let our Sail subscription go away and decided to subscribe to Latts & Atts Seafaring--it's available online for free--but we like having the hard copy around.
Yep, it's the same for us--
We let our Sail subscription go away and decided to subscribe to Latts & Atts Seafaring--it's available online for free--but we like having the hard copy around.
I Dropped it when "Things That Work" was Dropped
Some how ended up with a subscriptioon last year (I did not pay for it) and was offered an 8$ renewal but could not think of any reason to deo it even at that price.
No loss with them gone.
The best sailing rag I have found is "Southwinds" and it is free!
Some how ended up with a subscriptioon last year (I did not pay for it) and was offered an 8$ renewal but could not think of any reason to deo it even at that price.
No loss with them gone.
The best sailing rag I have found is "Southwinds" and it is free!
- Status