A California bankruptcy court June 14 approved the sale of the assets of the company that owns Penthouse Magazine, the publication Bob Guccione founded in 1965, and a host of cable and satellite adult programming for $11.2 million.
The Chapter 11 trustee for Penthouse Global Media Inc. sold substantially all its assets to WGCZ Ltd. s.r.o., a Czech Republic-based company. WGCZ was the successful bidder in a bankruptcy auction conducted June 4. The opening price at auction was a $3 million credit bid by Dream Media Corporation, a secured creditor owed more than $10 million.
Penthouse filed Chapter 11 on ...
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