WhatTheyThink Exclusive: Yesterday's announcement of a Chapter 11 Bankruptcy filing by Questex came as a bit of a surprise. We contacted InfoTrends President Jeff Hayes for more details.
Hayes indicated that Questex, the parent company of InfoTrends, which was formed several years ago as a B2B publications and event company, has been affected by the economic downturn like many others in the same industry. However, he indicates that the bankruptcy filing was the result of an agreement with the company's lenders and a private equity firm that continues to support the business, and in fact, has contributed more capital during this amicable financial restructuring.
“InfoTrends is healthy,” said Hayes, “and this does not affect our staff, suppliers or clients. We will continue to deliver the same excellent client services we have been known for the past 18 years. In fact, our profits are up 10% and we expect to finish ahead of last year. Not that it hasn't been challenging.”
Hayes also reports that On Demand 2010 is also on track, with exhibitors signing up and planning well underway. Hayes indicates Questex is expected to be out of Bankruptcy court within 60 days.
InfoTrends recently added industry veteran Chris Bondy to its staff, a move Hayes cited as an example of the health of the firm.
It remains to be seen what the condition of the economy is as the new year begins and whether On Demand Expo will be a bigger show than it was in 2009. WhatTheyThink will continue to follow developments as this plays out in the courts.