The Source Magazine Emerges From Bankruptcy

Contributed by jayo:

After a long and tumultuous year, The Source magazine, once dubbed the Bible of Hip-Hop Music, Culture and Politics, emerged from bankruptcy last week, despite doubts from naysayers.

According to a press release, The Source essentially erases all of the sins of the previous management team, which included over $30 million of debts, more than 60 lawsuits and nearly countless other liabilities.

“With the conclusion of the bankruptcy process, The Source is now well-positioned financially and poised for growth,” said Jeffrey Scott, Chairman of the Board of The Source and a Managing Director of Black Enterprise/Greenwich Street Corporate Growth Partners, the company’s majority owner. Read more.

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