National Enquirer moves for bankruptcy protection

US supermarket tabloid the National Enquirer plans to file for bankruptcy protection.

Owner American Media said today it will file a pre-packaged plan that should allow it to emerge from bankruptcy less than 60 days after the filing.

The company said that bondholders would forgive debt in exchange for ownership and it already has the support of 80% of them.

The company, which also publishes Men’s Fitness, Shape and Star magazines, said all of its operations will continue and the reorganisation will not affect its business or its staff.

Privately held American Media is based in Boca Raton, Florida.