Answers Corp files for bankruptcy to cut $471 mln in debt

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By Tom Hals

<span class="articleLocation”>Answers Corp, which owns the
Answers.com and Multiply websites, filed for Chapter 11
bankruptcy on Friday with a plan to swap ownership of the
company to creditors who are owed about $540 million, according
to court documents.

Answers was acquired by Apax Partners, a European private
equity firm, for about $900 million in 2014.

The company’s namesake website offers user-generated answers
on a range of topics, such as “how can you cook a cucumber?” and “does mercury in a thermometer go bad?”

The company rebranded itself last year as Multiply, a “fan
engagement platform” that connects celebrities and their
followers.

St Louis-based Answers also owns ForeSee, which provides
customer surveys, and Webcollage, a platform for website
publishing.

Under the company’s plan, Answers will lower its debt by
$471 million, according to documents filed in Manhattan’s U.S.
Bankruptcy Court. The plan has already been approved by 98
percent of Answers creditors.



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