Tiger Oak Media, publisher of Minnesota Bride and more than 20 other specialty magazines, has filed for Chapter 11 bankruptcy.
The company, based in downtown Minneapolis, indicated in its bankruptcy filing on Monday that it has assets of up to $50,000 and owes at least 200 creditors between $1 million and $10 million.
Its full financial schedules have yet to be filed, although specific claims add up to more than $2 million.
Chapter 11 bankruptcy allows companies to reorganize while shielded from the claims of their creditors.
Tiger Oak, which also has an office in Seattle, publishes magazines geared to the bridal, business meetings and events markets, according to its website. Tiger Oak shut down its Minnesota Business magazine late last year.
The company employs 86 people, said a filing in U.S. Bankruptcy Court for the District of Minnesota.
Tiger Oak’s largest creditor appears to be Fargo-based Choice Financial, which is owed at least $1.4 million, the bankruptcy filing says. The publisher’s assets are subject to a security interest and lien in favor of Choice.
Tiger Oak also owes Ohio-based Hess Print Solutions $822,939, though that unsecured claim is listed as disputed.
Craig Bednar, Tiger Oak Media’s CEO, did not return calls for comment. Bednar was a financial analyst with the Star Tribune before launching Minnesota Bride in 1992.