According to the New York Post
, American Media is orchestrating a financial deal to turn a big slice of the company over to creditors. American Media's owners, THL Partners and Evercore
Partners, are working on creating a deal that would reduce the publisher's debt by around $200 million and give a minority stake to its lenders. The publisher of Star
magazine faces a cash
crunch next February unless it renegotiates $415 million worth of junk bonds.