With the recent news that Source Interlink, publisher of Soap Opera Digest and Weekly magazines, among other popular mags such as Motor Trend, Hot Rod, and Skateboarder to name a small few, is on its way to filing a pre-packaged Chapter 11 bankruptcy today, we have to wonder what comes next.

These two popular soap magazines find their way into the homes of many every week, and if they ceased to exist, what would that mean for the fans? However, no one is calling it quits just yet…

The pre-packaged Chapter 11 bankruptcy will not only remove Ron Burkle’s Yucaipa Cos., which owns 48 percent of the company, as a shareholder, but it will allow Citigroup to have roughly 80 percent of its equity in a new privately held company, making Citigroup its biggest shareholder.

In any case, this is very sad news – just another thing to add to our economic hard times – but Soaps.com hopes that everyone involved makes the transaction as smoothly as possible in order to keep these two magazines going. We will keep you posted on any further developments.