Beliefnet files for Chapter 11 bankruptcy - Nation - Brief Article

National Catholic Reporter, April 26, 2002 by Gill Donovan

Beliefnet, a Web site focused on religion and spirituality, filed for Chapter 11 bankruptcy protection April 11.

Steven Waldman, a co-founder of the site who is also its chairman and editor in chief, said in early April the company has nine staffers, a drop from a total of 25 a month ago. The staff reached a peak of 50 about a year ago.

"When we get financing approved by the bankruptcy court, we're going to hire some people back," he said.

Waldman said the company has spent $25 million that was invested in the company by venture capitalists over the course of three years.

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 if it can be bought by another entity or if new investors might support it.

In a statement posted on the site, Waldman thanked users of the site and asked them to continue to visit.

The company has about 5 million e-mail newsletter subscribers, most of whom receive daily inspirational messages, including Bible passages, horoscopes and daily "wisdom" from Muslim, Hindu and other perspectives.