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Questex Files for Chapter 11


Monday, October 5, 2009
Steve Smith

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Multi-title b2b publisher Questex Media has filed a voluntary Chapter 11 petition with the U.S. Bankruptcy Court of Delaware in order to help restructure the company’s debt.

A group of the company’s lenders will purchase most or all of the assets of the company within the next 60 days.

In a statement this afternoon, Questex Media Holdings Group said it had reached an agreement with senior lenders to reduce the company debt and provide “significant financing” to continue operations. Questex says that day-to-day operations will not be affected by the filing or the restructuring, and no job losses or magazine closures were expected.

The senior lenders are committing additional financing to the company out of a faith in the business plan, the company says. “Questex’s top priority is serving our valued customers,” says CEO Kerry Gumas in a statement. “The restructuring will enable our team members to remain focused on creating and delivering the superb products and services our customers have come to expect."

Questex is a diversified b2b company with positions in the hospitality, travel, beauty and spa markets via magazine, digital products and events. The company's ad pages declined 32.10% in the first half of the year compared to the same period in 2008.

If you have breaking news to share please contact Steve Smith at ssmith@accessintel.com


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