Answers Corp Files for Bankruptcy to Cut $471 Million in Debt

by San Antonio Attorney

Answers Corp, the parent company of Multiply and websites, sought for Chapter 11 bankruptcy protection on March 3 with a plan to trade company shares to creditors that it owes a total of $540 million , the court documents show.

European private equity firm Apax Partners bought Answers in 2014 for an estimated $900 million.

The namesake website of the company provides user-generated responses on a variety of subjects, like “is a chili a fruit or a vegetable?” and “are pickles healthy for you?”

The company changed its corporate image in 2016 as Multiply, which is a platform where celebrities and their fans can connect.

Answers is also the owner of ForeSee, which gives surveys to customers, and Webcollage, a website publishing platform.

The bankruptcy plan of Answers includes decreasing its liabilities by $471 million, the court documents filed show. About 98% of its creditors have already approved the plan.

Filing for bankruptcy can eliminate some (or all) of the debts you owe. A San Antonio Bankruptcy Attorney can evaluate your situation and give you proper advice whether filing for bankruptcy is the right option for you.

Leave a Comment

Previous post:

Next post: