On August 12, 2003, General Media, the parent company of the magazine, filed for Chapter 11 bankruptcy protection. Immediately upon filing, Cerberus Capital Management entered into a $5 million debtor-in-possession credit line with General Media to provide General Media working capital. In October 2003, it was announced that "Penthouse" magazine was being put up for sale as part of a deal with its creditors. On November 13, 2004, Guccione resigned as Chairman and CEO of Penthouse International, the parent of General Media.