Ziff Davis files for bankruptcy protection

Ziff Davis Media, the publisher behind EGM, Games for Windows Magazine and 1UP.com, has filed for Chapter 11 bankruptcy protection it emerged today.

Ziff Davis Media has been in a financially dubious position for a little while now and the 1UP publisher is intending to use the bankruptcy protection period to sort itself out and attempt to pay of the $390 million debt it has accrued since last August.

If the filing for bankruptcy protection is approved by a court then Ziff Davis Media will be able to restructure and lessen the amount of debt, which has grown to $400 million. Theoretically, business should continue as normal too - though this is yet to be confirmed.

"Today's restructuring agreement goes a long way towards resolving the burdens of a debt load and capital structure established seven years ago, during a leveraged buyout of the company," said Jason Young, CEO of Ziff Davis Media.

It's a rather shocking, if not unexpected, start to the day that's for sure and we'll bring you more information as it emerges. Until then drop your thoughts in the forums.