Business News

Cygnus Business Media Emerges from Chapter 11

Tuesday 22. September 2009 - Plan of Reorganization becomes effective; company restructures secured debt

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.