Questex owns Home Entertainment Events Inc…. who now owns/runs the AVN show (AEE)in January.
from www.crainscleveland.com – Questex Media Group Holdings, which has 54 employees in Cleveland, has filed for Chapter 11 bankruptcy protection and has reached an agreement with senior lenders to restructure and reduce its debt, according to a company press release issued earlier this month.
The Newton, Mass.-based business-to-business magazine publishing company said it anticipates the moves will strengthen its capital structure and enable it to sustain long-term growth.
“This restructuring will better position the business for future growth for the benefit of all of the company’s stakeholders,” said CEO Kerry Gumas in a statement. The bankruptcy filing was made in U.S. Bankruptcy Court in Delaware.
As part of the agreement, a group of the company’s senior lenders is expected to acquire “substantially all” of Questex’s assets under what’s known as a Section 363 sale process and to provide “significant funding” to help finance the company’s operations and business development.
The company and its financial stakeholders expect to complete the sale process in 60 days.
The trade publisher’s business will continue operating as normal, and the management team will remain in place.
Questex has about 400 employees companywide, and in April laid off about 40 employees throughout its 10 primary U.S. and international offices, including seven employees in Cleveland.
from amlawdaily.com: Questex Media Group, the publisher, has a portfolio of more than 20 trade magazines like American Salon, Golfdom, Hotel & Motel Management, and Travel Agent.
Questex filed for bankruptcy in Delaware on October 5, citing liquidity issues stemming from a steep decline in revenue from its events, publishing, and advertising businesses. The company is expected to sell most of its assets to senior secured lenders through a section 363 sale in the bankruptcy court.
Kirkland & Ellis partners James Stempel and Erik Chalut in Chicago are representing Questex. Partner Michael Nestor from Delaware’s Young Conaway Stargatt & Taylor is serving as bankruptcy cocounsel to the company.
At the time of this posting, neither firm had yet filed billing statements with the bankruptcy court.