New York - Publisher and event producer Ziff Davis Media announced on Wednesday that it plans to file for Ch. 11 bankruptcy protection, and will set aside $24.5 million to fund operations during and after it emerges from the process, expected to conclude this summer. The company, which publishes PC Magazine and Electronic Gaming Monthly magazines, and websites including 1UP.com, said it has also reached an agreement with investors on a restructuring plan to reduce its funded indebtedness.

"Specifically, $225 million of senior secured indebtedness will be exchanged for a new $57.5 million senior secured note and at least 88.8% of the common stock in the reorganized company," Ziff Davis said in a statement.

"Today's restructuring agreement goes a long way towards resolving the burdens of a debt load and capital structure established seven years ago, during a leveraged buyout of the Company," said Ziff Davis Media CEO Jason Young.

The struggling company sold its enterprise division in June 2007 for about $160 million, and said in August 2007 that it would not be able to make interest payments on its debt, and was exploring restructuring options.

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