U.S. Bankruptcy Court for the District of Delaware Confirms Cygnus Business Media Companies’ Plan of Reorganization
FORT ATKINSON, Wis.-(Business Wire)-September 11, 2009 - Cygnus Business Media, Inc., a leading diversified business-to-business media company, announced that the U.S. Bankruptcy Court for the District of Delaware has confirmed Cygnus Business Media companies' joint pre-packaged Chapter 11 Plan of Reorganization at a hearing held Tuesday. In confirming the Plan, the U.S. Bankruptcy Court also approved the Disclosure Statement and pre-filing solicitation of the Plan of Reorganization, clearing the way for the company to emerge from Chapter 11 bankruptcy protection in the coming weeks.
Cygnus Business Media filed a pre-packaged Plan of Reorganization on August 3rd with the U.S. District of Delaware under the Chapter 11 bankruptcy code after being unable to reach agreement with one of its 24 lenders on a financial restructuring plan. The pre-packaged Plan approved by the court calls for the restructuring of secured debt by converting a portion to equity, providing a more serviceable debt level and a stronger balance sheet. It also provides that all general unsecured creditors, including all vendors, of Cygnus Business Media will be paid in full in the ordinary course.
“The associates of Cygnus Business Media have continued to provide high quality media and products that effectively serves our advertisers, exhibitors, subscribers, attendees and readers throughout this process,” says Charles Carnaval, chief executive officer of Cygnus Business Media. “We have had full support of our advertisers and vendors which has provided a great deal of stability and focus. We look forward to emerging as a much stronger company financially and will continue to provide the best in business-to-business media. I want to take this time to thank all of our employees for their ongoing hard work, to our vendors for their continued support, and to our advertisers for placing their faith in our products.”
Cygnus Business Media is being advised by legal counsel, Curtis, Mallet-Prevost, Colt & Mosle LLP; local counsel, Richards, Layton & Finger, P.A.; financial advisors, Zolfo Cooper LLC; and investment bankers, Miller Buckfire & Co., LLC.
Cygnus Business Media is an internationally-recognized business-to-business media company. Its diverse portfolio serves 13 market categories with print and interactive products, and live events. Through its media, the company reaches more than 1.5 million print subscribers, nearly 1 million industry professionals via its Custom Marketing services group, and attracts 2 million unique visitors to its websites monthly. Cygnus Business Media provides comprehensive, integrated advertising and marketing programs for some of the world’s strongest business-to-business brands. For more information, visit http://www.cygnusb2b.com.
Additional information about the company’s restructuring may be found online at http://www.CBMrestructuring.com or by calling (866) 397-6090.
 |
 |
 |
|
||
 |
|
 |
|
||
Search Our News Using Google Search
Can't find what you want? Try using Google:
