According to a press release, the company will be sold to a group of holders of its debt. Questex and eight affiliates listed assets of $299 million and liabilities of $321 million.The company said it is facing a "severe contraction in liquidity" and had pledged all of its assets to existing lenders, leaving no choice but to begin the process of selling the company in bankruptcy.

"This restructuring will better position the business for future growth for the benefit of all of the company's stakeholders," said Questex chief executive officer, Kerry Gumas, in a statement.

The Newton, Massachusetts-based company publishes 23 print magazines and sponsors 28 conferences, according to court documents. It also has more than 150 trade websites.

American Salon publisher Brett Vinovich could not be reached for comment.


More:
http://www.foliomag.com/2009/questex-media-files-chapter-11


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