Magazine and internet publishing powerhouse Ziff Davis, the people behind Electronic Gaming Monthly, 1up.com, PC Magazine, filefront.com and ZD TV (which later became Tech TV, which later merged with G4), have filed for Chapter 11 bankruptcy as part of a debt restructuring plan.

The restructuring agreement was made with an group of senior secured note holders who agreed to pay up to $24.5 million to fund the Ziff Davis’ operations during and after the Chapter 11 case.

If the restructuring is approved, the company’s $225 million senior-note debt would be reduced. The debt would then be exchanged for a new $50 million senior secured note and at least 88.8 percent of the common stock in the reorganized company. The company plans to reorganize as well.

CEO Jason Young said in a statement. "Today’s restructuring agreement goes a long way toward resolving the burdens of a debt load and capital structure established seven years ago, during a leveraged buyout of the company.”

We talked to X-Play host Adam Sessler about the impact on gaming, and Sess said, "EGM clearly hasn't been doing that well lately; the magazine has been positively emaciated lately.

I liked working there, but even 9 1/2 years ago when I was at Ziff Davis, it was clear that the company had strayed way outside of its comfort zone. I'm surprised it's been around this long. There's nothing wrong with the magazines, but they just couldn't make the move to new media."

Folio: BREAKING: Ziff Davis Files for Chapter 11