B-to-B Publisher Cygnus Files for Chapter 11
August 4, 2009Trade publisher Cygnus Business Media will be restructuring under Chapter 11 Bankruptcy, which will result in a secured debt-equity exchange to reduce the company's debt. The publisher had reached an agreement with 23 of its 24 lenders on a pre-packaged restructuring plan, but the out-of-court settlement required a unanimous decision, so bankruptcy became inevitable.
Source
http://www.mediapost.com/publications/?fa=Articles.showArticle&art_aid=111016
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