Seeking Bankruptcy Protection

NEW YORK, APRIL 14, 2002 (, an Internet site that provides a smorgasbord of religious news and spirituality, has filed for Chapter 11 bankruptcy protection.

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Its chairman and chief executive officer Steve Waldman said the company asked for bankruptcy protection Thursday night, the Associated Press reported. Under Chapter 11 the firm would be shielded from creditors´ lawsuits while it reorganizes its finances.

The company started operation in December 1999 and has spent at least $25 million, invested by venture capital firms. Its staff has been cut to nine, compared with more than 50 at its height.

The Beliefnet site logs 15 million «page views» each month from 1 million different individuals, and sends out 150 million e-mail newsletters to subscribers on various topics, Waldman said.

«The irony is … the importance of religion on the Internet has continued to grow,» he said, more than ever since Sept. 11.

Unlike most such Internet offerings, spans all creeds and is independent of religious sponsorship, though it posts links to many faith-based sites.

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