CrossGen Files for Bankruptcy
by Douglas Wolk -- Publishers Weekly, 7/5/2004
After almost a year of well-publicized financial trouble, comics publisher CrossGen filed for Chapter 11 bankruptcy protection June 18 in Tampa, Fla., and appears to have laid off all the remaining creative personnel from its staff.
CrossGen suspended its trade paperback program last summer and had been promising a new publication schedule that never materialized. The company's entire sales staff resigned in early April. CrossGen canceled its plans to participate in this year's Free Comic Book Day, didn't appear at BookExpo America and will not have a booth at this year's Comic-Con International. CrossGen founder Mark Alessi reportedly is attempting to find new investors to allow the company to reorganize.
According to CrossGen's bankruptcy filing, the company lists estimated assets of more than a $1 million, estimated debts of more than $10 million and notes that it has more than 200 creditors. The company's largest unsecured creditor is printer Quebecor World, which is owed nearly $1.5 million. Among the 20 largest unsecured creditors is Branded Entertainment, the Hollywood firm that develops CG content for other media ($437,868). The list also includes American Express ($402,825); Reed Business Information, PW 's parent company ($22,248); and Diamond Comics Distribution ($22,016).
