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Questex Media Files for Chapter 11

Tuesday, October 06, 2009

Press release from the issuing company

NEWTON, MA -- Questex Media Group Holdings, Inc. announced today that it has reached an agreement with its senior lenders and is implementing a restructuring to reduce the company's debt and strengthen its capital structure pursuant to a Section 363 sale process. The agreement also provides significant financing which will be used to fund the company's existing operations and ongoing business development. To facilitate the restructuring, the company filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware.

The company's business will continue operating without interruption during this process and its management team will remain in place. Operations outside of the U.S. are not included in the Chapter 11 filing.

Based on the strength of the company's business plan, the senior lenders have committed financing as a part of the filing, including both debtor-in-possession (DIP) financing and exit financing, to enable ongoing business activities to continue without interruption.

Questex Chief Executive Officer Kerry Gumas said, "We are pleased with the strong support we have received from our lenders and business partners for a restructuring that will allow us to reduce our debt and achieve a strong, sustainable capital structure. Questex has attractive assets, market-leading brands, a great talent base of professionals and a track record of performance that has allowed us to continue to generate strong cash flows. This restructuring will better position the business for future growth for the benefit of all of the company's stakeholders."

"Questex's top priority is serving our valued customers," Mr. Gumas continued. "This restructuring will enable our team members to remain focused on creating and delivering the superior products and services our customers have come to expect."

Under the terms of the agreement, a group of the company's senior lenders are expected to enter into an agreement to serve as the stalking horse for a purchase of substantially all of the assets of the company pursuant to a 363 sale. The company and its financial stakeholders expect to complete the sale process on an expedited basis within 60 days.

The company is currently being advised by legal counsel, Kirkland & Ellis LLP; and investment bankers Miller Buckfire & Co., LLC.

The First Lien Steering Committee is currently being advised by legal counsel, Weil, Gotshal & Manges LLP; and investment bankers Imperial Capital, LLC.




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