Questex Media Group Holdings, Inc., which organizes ITEX among its 45 conferences tradeshows and events, announced that it has reached an agreement with its senior lenders and is implementing a restructuring to reduce the company’s debt and strengthen its capital structure pursuant to a Section 363 sale process.
The agreement also provides significant financing which will be used to fund the company’s existing operations and ongoing business development. To facilitate the restructuring, the company filed voluntary Chapter 11 petitions in the United States Bankruptcy Court for the District of Delaware.
The company says that business will continue operating without interruption during this process and its management team will remain in place. Operations outside of the U.S. are not included in the Chapter 11 filing.
In regard to ITEX, Questex told Recycler “Our top priority is serving our valued customers and we expect the filing and restructuring to have no impact on our continuing operations. So, yes, the ITEX tradeshow continues as planned. For show information, visit http://www.itexshow.com ”
Questex Media Group is a B2B media and information provider, headquartered in the USA. The company’s media properties include over 100 print and digital media publications, 45 conferences, tradeshows and events, as well as a range of research, data and information products. The company’s businesses are managed through operating companies including Questex Media Group; InfoTrends, Inc., Imaging Networks and; McLean Events International, Ltd. The company’s combined operations include more than 400 employees in offices throughout North America, South America, Asia and Europe.
Questex reports that based on the strength of the company’s business plan, the senior lenders have committed financing as a part of the filing, including both debtor-in-possession (DIP) financing and exit financing, to enable ongoing business activities to continue without interruption.
Questex Chief Executive Officer Kerry Gumas said, “We are pleased with the strong support we have received from our lenders and business partners for a restructuring that will allow us to reduce our debt and achieve a strong, sustainable capital structure. Questex has attractive assets, market-leading brands, a great talent base of professionals and a track record of performance that has allowed us to continue to generate strong cash flows. This restructuring will better position the business for future growth for the benefit of all of the company’s stakeholders.”
“Questex’s top priority is serving our valued customers,” Mr. Gumas continued. “This restructuring will enable our team members to remain focused on creating and delivering the superior products and services our customers have come to expect.”
Under the terms of the agreement, a group of the company’s senior lenders are expected to enter into an agreement to serve as the stalking horse for a purchase of substantially all of the assets of the company pursuant to a 363 sale. The company and its financial stakeholders expect to complete the sale process on an expedited basis within 60 days.