ChasNote

From Section 11 in the filing (as reported at PaidContent):

“As a result of declining advertising and subscription revenues, the Debtors experienced a decline in total annual revenues from approximately $300 million in 2001 to approximately $76 million in 2007. The cumulative effect is that the Debtors are unable to generate sufficient cash flow to fund their substantial existing debt obligations and, therefore, need to restructure their balance sheet.”