Penthouse magazine publisher General Media filed a Chapter 11 Corporate Reorganization plan with the Federal Bankruptcy Court. The move will allow the continuation of the financially troubled men's magazine.

"We believe the continued publication of Penthouse is now ensured for many years," said Robert Guccione, chairman and CEO of General Media, Inc., the publisher of the magazine. Guccione announced plans give up his current post and serve the company as publisher emeritus for the next 10 years. The company said it expects to emerge from bankruptcy court protections by the end of February.