Maxim magazine, the bawdy men’s title that went up for sale in March, is seeing some bids of about $20 million, less than a 10th of the price its owners paid six years ago, according to people familiar with the situation.

Maxim publisher Alpha Media Group Inc., controlled by creditor Cerberus Capital Management LP, is expected to lose between $3 million and $5 million this year, according to the people, who asked not to be named because the matter is confidential.

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