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 company’s senior lenders are expected to place a bid to acquire “substantially all” of Questex’s assets, under a Section 363 sale process. The agreement, Questex said, also provides “significant financing,” including debtor-in-possession and exit financing, which will be used to help finance the company’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 “better position the business for future growth for the benefit of all of the company’s stakeholders.”
Questex is being represented by legal advisors Kirkland & Ellis and investment bankers Miller Buckfire & Co.
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