Penthouse publisher FriendFinder Networks Inc., which Mergers & Acquisitions placed on our Distressed Company Watch List in August, has filed for bankruptcy protection. 

FriendFinder, which filed as PMGI Holdings Inc., filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the District of Delaware in Wilmington on Sept. 17 to implement a recapitalization agreement it came to with its note holders.

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