Trader Monthly parent files Ch. 7

Reuters is reporting that Doubledown Media, the parent of Trader Monthly, has filed for Chapter 7 bankruptcy court protection.

Reuters writes, “The closely-held company, which also published Cigar Report, Corporate Leader, Dealmaker and Private Air, on Wednesday filed for protection from creditors with the U.S. bankruptcy court in Manhattan.

“Doubledown has between $10 million and $50 million of both assets and liabilities, the bankruptcy petition shows.

“The company ceased operations after a key financial backer withdrew financing, according to a memo obtained by Reuters on Feb. 3.Â

“Randall Lane, Doubledown’s president, in the memo cited a ‘depression’ for media companies, Wall Street upheaval, and tighter credit for the decision to close.”

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