Easyriders Stalled by Chapter 11 Filing.

Forced into bankruptcy because of a dispute with its major creditor, Agoura Hills publisher Easyriders Inc. is looking to make a quick recovery by focusing on what it knows best: motorcycles and tattoos.

Before that happens, however, current management must convince Nomura America Holding Inc. that the company will be worth more after a Chapter 11 reorganization than through an outfight sale.

A restructuring of the 30-year-old company three years ago culminated last month in the bankruptcy filings of Easyriders and its subsidiary, Paisano Publishing.

Thus far, Nomura, which underwrote the restructuring, has resisted attempts by Easyriders to refinance a $21 million loan payment due Sept. 23, said Easyriders Chief Executive Robert Fabregas.

Easyriders, which publishes 13 magazines such as "American Rodder," "Biker," "Savage Tattoo" and "Easyriders," is known for its bare-breasted layouts and raunchy fare. The company also markets a clothing line and licenses its name to more than 40 motorcycle shops nationwide.

In a $55 million transaction in 1998, Joseph Teresi, founder of company flagship "Easyriders" magazine, sold Paisano to Newsriders Inc., which formed a public company under the Easyriders name.

The new management team came on board with the intention of marketing the Easyriders name for a chain of restaurants.

Easyriders ultimately opened four El Paso BBQ restaurants, adding to the two previously owned by Newsriders Easyriders sold off the restaurants in the fall of 2000.

Fabregas said the former management team neglected Easyriders' core publishing business.

The company reported net income of $900,000 (three cents a share) in the first quarter ended March 31, vs. a loss of $1.4 million (six cents) in the like year-earlier period. Revenues were $8.3 million vs. $8.4 million. Second quarter results will be released this week.