Bankruptcy House

Somewhere, Ed McMahon is crying:

Publishers Clearing House has announced they are filing Chapter 11 bankruptcy. The Chapter 11 proceedings, filed in New York on Wednesday, arrive amid growing financial strain for PCH — which has struggled with rising operational costs and changing consumer habits in recent years. But, Chapter 11 bankruptcy doesn't spell the end for Publishers Clearing House. They plan on continuing to offer their sweepstakes. They're just restructuring their debt, clearing some pesky bills off the plate so to speak: things like bank loans, landlords, and previous prize winners. The company pays about $30,000 to prize winners each week, with approximately $1.8 million owed to recent prize winners. It also offers lifetime prizes, and it currently owes those prize winners about $26 million over the next 60 years, according to court documents.

You may not be a winner anymore...