Cygnus Business Media

Media Owners editors    Boulder, Colorado USA

Posted at 10:39pm on Tuesday, September 22nd, 2009

Cygnus Business Media named John French chief executive officer in September 2009. The company released this statement:

"As one of the media industry’s most respected executives, French officially assumed the CEO position following the company restructuring. He has been a visible force in the business-to-business media industry, serving in top positions of several leading companies. He was most recently Chief Executive Officer of Penton Media, Inc., and a member of its Board of Directors, assuming the role in 2006 following the acquisition of Penton Media by Prism Business Media. The acquisition created the largest independent business-to-business media company in the U.S., serving 30 industries with more than 900 media products. During his tenure, he oversaw the creation of a digital business division that focused on next-generation initiatives. He has advocated for integrated marketing models aimed at providing awareness for brands through several high quality mediums and supports creating customized market research for customers interested in gaining strategic leverage in their marketplace."

Media Owners editors    Boulder, Colorado USA

Posted at 12:46pm on Thursday, August 13th, 2009

Cygnus Business Media, Inc. will restructure after filing for Chapter 11 bankruptcy protection. The company released this statement:

"Cygnus Business Media, Inc., a leading diversified business-to-business media company, today announced that it has reached agreement with 23 of its 24 secured lenders on a financial restructuring that will result in a secured debt-equity exchange to reduce the company’s secured debt. Following the restructuring, Cygnus Business Media will have a serviceable debt level and a stronger balance sheet. The restructuring provides for payment in full of all unsecured trade debt.

The restructuring will be effected through Chapter 11 of the U.S. Bankruptcy Code. Petitions were filed today by the company, its parent and its subsidiaries with the U.S. Bankruptcy Court for the District of Delaware in Wilmington. Concurrently, the company filed its pre-packaged Plan of Reorganization and Disclosure Statement, which sets forth how the secured debt will be restructured and provides for unsecured creditor claims to be satisfied in full. Both of these documents are subject to approval by the Bankruptcy Court, which approval the company expects to obtain in the next 45 days.

The pre-packaged Plan of Reorganization received the overwhelming support of the company’s secured lenders. The company believes its prior preparation will allow for an accelerated pace for the Chapter 11 restructuring, which could require approximately 45 days to complete. During that time, Cygnus Business Media will operate as usual, and it does not expect there to be any impact on its day-to-day operations. Cygnus Business Media is fully capable of continuing to serve its advertisers, marketers, exhibitors, attendees and other customers and has obtained the permission of its secured lenders to use cash collateral. In addition, the company’s pre-packaged Plan of Reorganization and related motions call for full support to customers and critical vendors and reflect the confidence of senior lenders in the company’s operating future.

The Plan of Reorganization, when approved by the Bankruptcy Court, provides that all general unsecured creditors, including all suppliers and vendors, of Cygnus Business Media will be paid the full amounts of their claims. During the Chapter 11 process, the company will be fully capable of meeting its obligations in the ordinary course. Management is confident that this process will result in a less leveraged company that is well-suited to compete in a challenging economy.

“Our business sectors show positive contribution because our brands are narrowly focused on the specific needs of thousands of advertisers, exhibitors, marketers, subscribers and online visitors,” stated Charles Carnaval, chief executive officer of Cygnus Business Media. “During the next month or so, while we complete the legal process, our business will continue without interruption to meet the needs of the customers in our vertical markets. We have sufficient funds to support our working capital needs. In addition, our Court pleadings call for full support to customers and critical vendors and our Plan of Reorganization reflects the confidence of our senior lenders in Cygnus Business Media’s operating future.”

“Our associates, brand directors and senior managers have worked hard to improve operations in every division to allow our media to compete effectively in this challenging marketplace,” added Carnaval. “This agreement will permit us to leverage our strong market standings and position the company for future growth.”"

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Posted at 2:37pm on Tuesday, February 19th, 2008

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