Interfaith Internet site emerges from bankruptcy

Posted: Friday, November 08, 2002

NEW YORK (AP) -- Beliefnet.com, an interfaith Internet site, said it has emerged from the Chapter 11 bankruptcy protection it sought last April, and that October was its first month with a net gain in operating cash flow.

The 3-year-old operation reported it sends 170 million varied e-mail newsletters a month to more than 3.9 million subscribers. It also publishes spirituality books with Rodale Press and provides religious content to ABC News and America Online.

Steven Waldman, Beliefnet.com founder and chairman, said the firm emerged from bankruptcy Oct. 28 after creditors approved a reorganization and were paid 33 cents on the dollar. During bankruptcy the site added traffic and new advertisers, lined up new investors and cut monthly costs from $608,000 to around $165,000, he said.

The staff, reduced from 28 to 16, was paid partly in stock during bankruptcy and now holds majority ownership, Waldman said.

Beliefnet.com is independent of any religious sponsorship, though it posts links to many faith options.

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http://www.beliefnet.com



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