Archive for October 7th, 2009
This week, I’m on the road for the ISPA convention in Austin, TX. The show happens to coincide with some headlines about Questex Media Group, the parent company of American Spa magazine, the International Esthetics, Cosmetics, and Spa Conferences (IESCC), SpaExec, SpaTrade, and Spatec. For those of you with whom I haven’t been able to speak to on the show floor, I’d love to take this opportunity to clarify the news and what it means for the magazine and the rest of the Questex spa team. So here are the details:
- Questex has reached an agreement with its senior lenders that allows it to reduce the company’s debt and strengthen its capital structure.
- The agreement, which essentially provides a restructuring of the company’s balance sheet, has no impact on its day-to-day businesses, meaning that all of the properties in Questex’s spa division will continue to operate in a business-as-usual format.
- Based on the strength of the company’s business plan, the senior lenders have committed financing as a part of the filing, including both debtor-in-possession (DIP) financing and exit financing. In fact, it’s expected that the company’s senior lenders will purchase all of the assets of the company over the next 60 days, ensuring that it emerges from its voluntary Chapter 11 status.
According to Kerry Gumas, Questex’s chief executive officer, “We are pleased with the strong support we have received from our lenders and business partners for a restructuring that will allow us to reduce our debt and achieve a strong, sustainable capital structure. Questex has attractive assets, market-leading brands, a great talent base of professionals, and a track record of performance that has allowed us to continue to generate strong cash flows. This restructuring will better position the business for future growth for the benefit of all of the company’s stakeholders. Questex’s top priority is serving our valued customers. This restructuring will enable our team members to remain focused on creating and delivering the superior products and services our customers have come to expect.”
I hope this clears up any questions you may have. I’d like to reiterate Kerry’s point—American Spa is dedicated to serving the spa industry as its leading business publication, and we look forward to doing so for quite some time into the future.
Please feel free to email me with any questions and concerns (email@example.com). I will do my very best to get you the answers you need.
Nothing brings a spa treatment home for guests quite like learning how to create the products used and then taking them home to recreate the spa experience. Starting on Nov. 1, guests at The Inn at Perry Cabin by Orient-Express (St. Michaels, MD) can continue their Linden Spa experience by attending an experiential spa class ($35, 60 minutes) in which they’ll learn to create an aromatherapy sea salt scrub or a custom-blended massage oil or lotion. Working with the spa’s knowledgeable staff, guests will be taught the inherent qualities of botanicals before then choosing the herbs and oils they want to use to create their own products to take home. The classes will be offered through Jan. 31, with two classes daily, Thursday through Monday.