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. See the release about his hiring, after the jump.
Back in July, even before its Chapter 11 filing, Cygnus was trying to cut costs. It laid off 50 staff members and restructured its sales team in its strongest media sectors, suspending a handful of titles, including jewelry trades Modern Jeweler and Lustre.
John French Takes Helm of Cygnus Business Media
Business-to-business veteran assumes reins as company emerges from Chapter 11
Fort Atkinson, WI (September 21, 2009) — Cygnus Business Media, a leading diversified business-to-business media company, has a new Chief Executive Officer. John French, one of the media industry’s most respected leaders, has officially assumed the top position at the company today as it announces its emergence from Chapter 11.
“Cygnus Business Media is a formidable influence in business today,” says French. “We have strong footprints in the areas of public safety, security, aviation, transportation and construction, all industries that provide the backbone of America’s renewal. Growth in these markets will be substantial in the years to come as products and services continue to transform how work is delivered, assessed, created and performed. Communication and knowledge will be the leveler and we will continue to be the most dynamic resource for delivering it.”
French 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.
“As with any company, the strongest asset lies in the people who work day-to-day to deliver quality. Cygnus Business Media employees represent the best in business. They are focused, tenacious, innovative and committed. I look forward to working with them and continuing to build on their success,” adds French.
Cygnus Business Media’s interim-CEO, Charles Carnaval, an executive with Zolfo Cooper, a corporate management solutions firm, will assist in the transition.
“Zolfo Cooper and especially Charles Carnaval and Scott Gellman have worked very hard these past several months and they deserve credit for their ongoing financial and management expertise,” adds French. “Charlie will be missed. He is a great communicator and has been a dedicated CEO. We appreciate all of his hard work and efforts.”