Thread: Cygnus Chapter 11
08-14-2009, 04:29 PM #1
Cygnus Chapter 11
From the sick-bay comes the report that Cygnus Business Media filed for Chap. 11 bankruptcy protection last week. Cygnus, you might already know, is the owner of Firehouse magazine, Firehouse.com and the exposition company that puts on the Firehouse Expo programs. They also publish a wide range of other magazines and specialty publications.
They were undergoing a major restructuring which included two rounds of sizable layoffs and the suspension of several of their magazines due to a large drop in advertising revenue for their print publications. It was their intention to have a pre-arranged financial restructuring to get back on a good financial footing and they had come to a satisfactory agreement with 23 of their 24 major creditors. But the one holdout queered the whole deal and they were forced to take their plan to the bankruptcy court.
Cygnus has announced that they fully expect to emerge from the bankruptcy in 45 days and that all creditors will recieve 100% of their debt in the payoff and the senior lender, GE Commercial will become the majority owner of the restructured company. Cygnus currently publishes 44 trade magazines, 35 websites and 34 trade shows (expositions).
"The education of a firefighter and the continued education of a firefighter is what makes "real" firefighters. Continuous skill development is the core of progressive firefighting. We learn by doing and doing it again and again, both on the training ground and the fireground."
Lt. Ray McCormack, FDNY
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