B-to-B Publisher Cygnus Media Emerges From Ch. 11, Names New CEO

Just 49 days after filing for bankruptcy protection, business-to-business publisher Cygnus Business Media today announced its emergence from Chapter 11.

When it filed for Chapter 11 in August in order to restructure its debt, Cygnus said it had reached an agreement with 23 out of 24 secured lenders on a financial restructuring deal. The company filed a prepackaged bankruptcy plan with the court that was swiftly confirmed.

According to Cygnus, the now-approved plan will become effective and convert a portion of the company’s secured debt to equity.

Also today, Cygnus announced the appointment of a new CEO, John French, formerly the CEO of Penton Media.

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