The publisher of Star Magazine and the National Enquirer is well on its way to filing for the end of its Chapter 11 bankruptcy. American Media Inc. received court approval today from U.S. bankruptcy Judge Martin Glenn to allow the publisher to refinance its debts through several agreements. In addition, the company's restructuring support agreement was also approved. In order to get both agreements validated by the court, American Media's attorneys had to prove that the company would be harmed without them.

Earlier this month American Media introduced a pre-packaged Chapter 11 reorganization to the courts this month, showing $668.1 million in assets $1.23 billion in liabilities. The company cited a decrease in purchase of their magazines along with an increase in the cost of paper, fuel, and postage.

Although the company had originally planned on asking for $560 million in new financing, it was decided that the bondholders would backstop new financing, meaning that they would purchase new debt if other companies didn't want it.

If you are filing for bankruptcy, contact the Malaise Law Firm to work with a Houston bankruptcy lawyer who can help you get through this difficult time.