Newsletter

Superman Married 1 Month
Already Lois Makes Him Change His Suit!

First he died. Then he got married. Now Superman is changing his clothes.

After only one month of marriage, Lois has apparently laid down the law-- "You're not going out dressed like that! Only Madonna wears her underwear on the outside!"

The new costume appears in Superman # 123 in both a glow-in-the-dark Collector's edition and a standard edition. Both editions will be offered at the same price ($4.95). Arriving on March 12, the comics are now available for pre-order from ComicSource™  .

Marvel Files Chapter 11 Bankruptcy

Marvel's publishing, licensing, distribution, and trading card businesses also filed Chapter 11 petitions. Toy Biz (which is an independent company), Marvel's profitable Panini subsidiary in Italy, nor its Restaurant Ventures affiliate were affected.

Marvel stated it filed the petition in to implement a proposed $525 million recapitalization. The filing will allow the Marvel to continue all business operations without interruption while it obtains the necessary approvals for its financial restructuring plan.

The plan calls for Andrews Group Incorporated to invest $365 million in new equity in Marvel, which will enable Marvel to make Toy Biz a full subsidiary. Marvel's lender group will provide $160 million in new funds, while Chase Manhattan Bank will provide $100 million of debtor-in-possession financing to pay all current and expected trade and employee obligations, and to meet all of its operating and investment needs during the reorganization.

Marvel attributed its need for the filing to "the failure of the holders of bonds issued by Marvel holding companies to reach agreement regarding any alternative plans for the company's future." Marvel added that bondholders were asked more than a month ago to support the restructuring by waiving certain restrictions contained in the bonds, but that their failure to do so delayed the company from proceeding.

"We would have preferred to re-capitalize Marvel without having to seek the aid of the court," Marvel Chairman and CEO Scott Sassa said, "but the actions and positions taken by the bondholders prevented that approach. The key to putting Marvel on track for a dynamic and profitable future is a quick resolution to this situation, and we want to get on with it."