Frontiers LA Files For Bankruptcy

Frontiers Media, the financially troubled publisher of Southern California’s leading gay magazine, has filed for bankruptcy protection from its creditors. The filing, made March 6 in the U.S. Bankruptcy Court for the Central District of California, claims Frontiers has liabilities of $3.2 million and assets of $342,000, only $58,000 of which is in cash. Frontiers made a Chapter 11 filing, which, if approved by the bankruptcy judge, will allow it to continue operating. A bankruptcy trustee and the bankruptcy court will decide which of Frontiers’ creditors are paid and how much they receive. The company’s largest creditor is Wells Fargo Bank, to which it owes $1.6 million. Another major creditor, owed $242,000, is the estate of Mark Hundahl, who, until his death in December, was co-owner of Frontiers LA with publisher and owner David Stern. Stern himself argues that he is owed $191,600. Other major creditors are printers, lawyers and the landlord for Frontiers’ offices at 5657 Wilshire Blvd. in Los Angeles. Frontiers also owes payments to freelance writers, some of whom haven’t been paid in several months. Its bankruptcy filing indicates it owes $5,560 to Frank Morales, associate publisher and ad director at Frontiers Media, and $3,942 to Dustin Tyner, managing director of integrated media. Payments owed to employees totaled $37,000 on March 6, according to the filing. Read the rest at http://www.wehoville.com/2013/03/20/frontiers-la-files-for-bankruptcy/