Archive for December 21st, 2009
The holidays have come early for Questex Media Group, parent company of American Spa magazine. The company has successfully completed its financial restructuring and is no longer subject to Chapter 11, news for which we are all thankful. The new company, Questex Media Group LLC, will be led by its existing executive leadership along with its existing management teams. The new company has its own financing and is not subject to Chapter 11 cases filed by the predecessor companies. The new company will operate with an improved capital structure and increased financial flexibility to better position it for future growth, according to president and CEO Kerry Gumas.
“We are thrilled to complete the financial restructuring and provide a new future for our businesses,” says Gumas. “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.”
I’d also like to personally thank all of our friends and partners for their support during this transition. My team and I are thrilled with the new developments and are excited about the bright future of American Spa. Happy holidays!