http://investing.businessweek.com/resea ... d=30799355Streamray, Inc. operates an online Web cam community. It provides online live pay per view Webcam shows, as well as live video chat services. Streamray, Inc. was founded in 1996 and is based in Las Vegas, Nevada. Streamray, Inc. operates as a subsidiary of FriendFinder Networks Inc. On September 17, 2013, Streamray Inc. filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware.
http://business-bankruptcies.com/cases/ ... tudios-inc
Source: http://www.themiddlemarket.com/news/pen ... 044-1.htmlFriendFinder, which filed as PMGI Holdings Inc., filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware in Wilmington on Sept. 17 to implement a recapitalization agreement it came to with its note holders.
The debtor and a group of bankrupt affiliates operate a group of entertainment and social networking sites that include online personals, live and recorded video, online chat rooms, instant messaging, photo and video sharing and message boards. The company also publishes Penthouse and other adult-oriented adult entertainment materials. In order to provide those services, the company uses a number of “performers” who have cultivated very loyal audiences, the company says in court papers. The debtors and affiliate have more than 220 million members, according to court papers.
The company has declining financial performance and pending debt maturities. The company’s revenue for the year ended June 30 was $283.7 million, down from the year before, when the companies brought in $326.5 million. In court documents, FriendFinder says in court papers that the revenue decline is primarily because of decreased website traffic.
