Cygnus Files For Chapter 11
Trade b-to-b pubisher Cygnus Business Media announced this morning that it is entering Chapter 11 bankruptcy, folio: reports.
The publisher had entered into a restructuring agreement with all but one of its 24 creditors. The holdout means that Cygnus has to enter the same agreement, which will reduce its debt from $180 million to $60 million, but under Chapter 11.
Cygnus says it plans to emerge from bankruptcy in 45 days and that no daily operations will be affected.
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