Questex Completes Financial Restructuring22 Dec, 2009 By: Jacqueline Renfrow Response This Week
NEWTON, Mass. – QMC Holdings Inc. and Questex Media Group Inc. have completed the previously announced 363 sale of their businesses to form Questex Media Group LLC. The new entity, held by a group of senior lenders, has its own financing and is not subject to the Chapter 11 cases filed by the predecessors.
The new operating company owns and operates Response and all of its associated brands (Response Expo, the Direct Response Marketing Alliance and more), as well as business units InfoTrends, FierceMarkets, FiveStar Alliance, Imaging Networks, Oxford Publishing, McLean Events International Ltd. and all Questex magazines. Questex Media Group LLC will operate with improved capital structure and increased financial flexibility to better position the company for future growth.
“We are thrilled to complete the financial restructuring and provide a new future for our business,” says Kerry Gumas, CEO and president of Questex Media Group LLC. “I would like to thank all of our dedicated employees, loyal customers, partners, advisers and our senior lenders and investors for their contributions to the success of this process. We now have the opportunity to move forward with strong financial footing to continue delivering great products and services for our customers.”
The company will be led by its existing executive leadership and management teams of its business units.
“The closing of the 363 sale has left all of Questex, including Response, in a much stronger position,” says John Yarrington, publisher of Response. “While Response had a banner year in 2009, and its business was unaffected during the restructuring process, we look forward to the support of a strengthened parent company as we tackle the challenges facing the direct response industry in the new year.”