Beliefnet files for bankruptcy

Christian Century, April 24, 2002

Beliefnet, a Web site focused on religion and spirituality, has filed for Chapter 11 bankruptcy protection after spending the $25 million that was invested by venture capitalists over three years. Failing to attract major new funding, Beliefnet had only nine staffers on April 12, down from a peak of 50 a year ago.

"When we get financing approved by the bankruptcy court, we're going to hire some people back," said Steven Waldman, a co-founder of the site who is also its chairman and editor in chief. The president of the New York-based company is now Sujay Jhaveri, a former vice president of iVillage, a prominent Web site focused on women.

Under the rules for Chapter 11 bankruptcy, a company can attempt to reorganize. Beliefnet has developed a transitional financing plan and will determine in the coming months whether it can be bought by another entity or whether new investors might support what Waldman described in a statement on the site as "this remarkable experiment in spiritual journalism and interfaith dialogue." --RNS