September 21, 2009
Plan of Reorganization becomes effective; company restructures secured debt
Fort Atkinson, WI - September 21, 2009 - Cygnus Business Media, Inc., a leading diversified business-to-business media company, announced today that it has emerged from Chapter 11 bankruptcy protection just 49 days after filing its pre-packaged Plan of Reorganization with the U.S. Bankruptcy Court for the District of Delaware.
Cygnus Business Media filed its pre-packaged Plan of Reorganization on August 3rd after being unable to reach agreement with one of its 24 lenders on a financial restructuring plan. The Plan, now confirmed by the Court, becomes effective and restructures secured debt by converting a portion to equity. It also provides that all general unsecured creditors, including all vendors, of Cygnus Business Media will be paid in full in the ordinary course.
Cygnus Business Media is being advised by legal counsel, Curtis, Mallet-Prevost, Colt & Mosle LLP; local counsel, Richards, Layton & Finger, P.A.; financial advisors, Zolfo Cooper LLC; and investment bankers, Miller Buckfire & Co., LLC.
Cygnus Business Media is an internationally-recognized business-to-business media company. Its diverse portfolio serves 13 market categories with print and interactive products, and live events. Through its media, the company reaches more than 1.5 million print subscribers, nearly 1 million industry professionals via its Custom Marketing services group, and attracts 2 million unique visitors to its websites monthly. Cygnus Business Media provides comprehensive, integrated advertising and marketing programs for some of the world's strongest business-to-business brands. For more information, visit http://www.cygnusb2b.com.
Additional information about the company's restructuring may be found by calling (866) 397-6090.