In 2007 the company bought Various Inc and its dating websites from Conru and Mapstead for 0 million. Bankruptcy Court papers it plans to issue cash and new debt to holders of 4 million of first-lien notes.A year later it filed with regulators to raise 0 million in an initial public offering, but when it finally completed the IPO in 2011, Friend Finder raised just million. It also plans to cancel about 0 million in second-lien notes and issue new stock to those debtholders, who will own the company when it exits bankruptcy if the plan receives creditor and court approval.
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Its revenue in the year ended June 30 totaled 3.70 million, down 10 percent from the previous year.
Hardest hit was the company’s social networking websites, where revenue fell 17.6 percent, according to court filings.
It also sought to tap the powers of social networking with websites such as adultfriendfinder.com, which promoted casual sex, and bigchurch.com, which aimed for spiritual connections.
The company and its affiliates comprise a global network of more than 8,000 websites with 220 million members and 750,000 subscribers, according to court documents. N and other social sites have boomed, Friend Finder’s limped.