Questex Media Files for Chapter 11
Trade publisher reaches agreement with senior lenders to restructure debt.
Another b-to-b magazine publishing company has filed for Chapter 11 bankruptcy protection.
Newton, Massachusetts-based Questex Media Group Holdings today said it has reached an agreement with its senior lenders and has filed for Chapter 11 in the U.S. bankruptcy court in order to implement a restructuring to reduce its debt.
As part of the agreement, a group of the companyâ€™s senior lenders are expected to place a bid to acquire â€śsubstantially allâ€ť of Questexâ€™s assets, under a Section 363 sale process. The agreement, Questex said, also provides â€śsignificant financing,â€ť including debtor-in-possession and exit financing, which will be used to help finance the companyâ€™s operations.
Questex said it expects to complete the sale process within 60 days.
The exact terms of the restructuring agreement were not immediately available. A Quextex spokesperson did not immediately return a request for comment.
According to Questex CEO Kerry Gumas, the restructuring will â€śbetter position the business for future growth for the benefit of all of the companyâ€™s stakeholders.â€ť
Questex is being represented by legal advisors Kirkland & Ellis and investment bankers Miller Buckfire & Co.
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