Las Vegas Tourist Magazine Filing Chapter 7
The hits keep coming for Nevada.
Already among the states hit hardest by the recession,new bankruptcy statistics show that Nevada has the highest per capita bankruptcy filing rate in the country.
We’ve outlined the bankruptcy troubles of several would-be casino and hotel developments, including the Fontainebleau, and many related contruction and development companies.
But there may be no more vivid sign of the state’s economic woes than the recent announcement that a major Las Vegas tourist magazine is filing Chapter 7 bankruptcy.
The Las Vegas Sun reports that Kellog Media group, publishers of “What’s On, Las Vegas Guide,” filed Chapter 7 on the heels of a foreclosure and more than $5 million in debt.
While the investment and lending firm may continue to publish the magazine after foreclosing on the property, the filing is still seen by many as yet another dark sign. Creditors include freelance contributors to the magazine, two former executives who are suing the magazine, a former landlord and a publishing company.
In an atypical twist, the man listed as the company president is also listed as a creditor, the Sun reports.