NEW YORK (CNNMoney.com) -- American Media, the publisher of the National Enquirer, announced plans Monday to file Chapter 11 later this month.
The company, which also publishes Men's Fitness and Star Magazine, said 80% of its bondholders have agreed to a debt-for-equity exchange, which American Media says will pave the way for a "prepackaged" bankruptcy filing.
In a statement, American Media said it will officially file for Chapter 11 bankruptcy protection in two weeks. The company did not say how much debt it would shed under the plan, but it expects the process to be complete after 60 days.
A company spokeswoman did not immediately respond to a request for details on the amount of debt involved.
David Pecker, chief executive of American Media, said in a statement that the "reorganization" should not impact the company's operations.
"For our advertisers, employees, customers and vendors, this short period will be business as usual," he said.
The privately held company also announced that it has scrapped a previously announced debt-for-equity exchange. That offering was due to expire at 5 p.m. ET on Monday after American Media had extended the deadline several times.
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