Cygnus emerges from bankruptcy; names John French CEO
Thursday, September 24, 2009
Cygnus Business Media has officially emerged from bankruptcy protection. A U.S. bankruptcy court approved the trade publisher and event producer's pre-packed plan of reorganization earlier this month.
In connection with the announcement, Cygnus has named John French, who resigned as Chief Executive from Penton Media in July 2008, as the company's new CEO, according to EXPO's sister publication, Folio:.
According to French, growth in Cygnus' key markets — public safety, security, aviation, transportation and construction — will be “substantial in the years to come as products and services continue to transform how work is delivered, assessed, created and performed. Communication and knowledge will be the leveler and we will continue to be the most dynamic resource delivering it.”
As part of its reorganization agreement, a secured debt-equity exchange reduces Cygnus' debt from $180 million to $60 million. When asked about the company's new ownership breakdown (who owns what) a Cygnus spokesperson declined to comment.
In its bankruptcy filing, Cygnus said it expects total revenue to fall by $35 million to $71.4 million in 2009, compared to $107 million in 2008. Print is forecast to drop 33 percent to $45.5 million, while interactive revenue will drop 14 percent to $8.6 million. Events are expected fall 19.5 percent to $15.1 million.