The Andy Warhol-cofounded magazine folded earlier this year after its owner Peter Brant racked up $3.3 million in unpaid debts, which were owed to various partners, freelancers, and staffers. However, according to the WWD report, after filing for a liquidation of the company's assets, Brant — if the deal is approved — will be in a position to "re-buy" the magazine, debt-free.
According to WWD, Brant set up a holding company called Singleton LLC before Interview filed for bankruptcy. Singleton holds Brant's $8.2 million secured claim on the magazine's assets and has now launched a $1.5 million deal to buy the assets, aiming to complete the deal by August 31. The report suggests the magazine would then continue to operate under the same leadership team.
There are two possible stumbling blocks facing the deal, however. The first is that, with it being a liquidation, the assets will have to go through a public auction, which could push the price beyond Brant if somebody else bids. The second is former editorial director Fabien Baron, who left the magazine in April and is suing for $600,000 and has won court approval to subpoena some of Brant's and Singleton's financial records to get to the bottom of the bankruptcy and what makes up Brant's secured claim on Interview's assets.
For the full story, head over to WWD.
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