The gossip and dishing rag, The National Enquirer, is filing for bankruptcy...And the paper is scrambling around to it's creditors begging them to accept it's restructuring plan so their case will fly through the courts faster.

Should they get a break? I'll let you decide. But, I would hate to see all their writers and staff lose their positions.

American Media Inc., the parent company, also publishes Star, Men's Fitness, Shape and Fit Pregnancy

More details reported in Crain's New York Business dot com:

After years of dishing tales of celebrity folly and misfortune, The National Enquirer's publisher has fallen on hard times of its own.

American Media Inc. plans to seek federal bankruptcy protection in the next two weeks or so. The privately held company announced its intention Monday without sharing any details about its finances.

Calls to American Media weren't immediately returned.

American Media, whose other publications beside The National Enquirer include Star, Shape, Men's Fitness and Fit Pregnancy, is trying to get most of its creditors to back its reorganization plan before it files for Chapter 11 protection. About 80% of American Media's bondholders already have expressed their support, the company said.

By cobbling together a pre-packaged bankruptcy case, American Media hopes to gain court approval of its plan within 60 days of its filing. That would be much quicker than most corporate bankruptcy cases are resolved.

Read and enjoy more