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Posts Tagged ‘Cygnus Business Media’

Newly Reorganized Cygnus Announces New Board

cygnus logo.jpgOne day after announcing its emergence from Chapter 11 bankruptcy protection and the appointment of a new CEO, John French, business-to-business publisher Cygnus Business Media has announced a new board of directors.

The new members of the board include French; former BusinessWeek president and publisher William P. Kupper, Jr.; former Warburg Pincus managing director Al Aguirre; John Balzer, a director at Goldman Sachs; b-to-b veteran George L. Hundley, Jr.; and Charles G. McCurdy, the current CEO of Apprise Media and b-to-b company Canon Communications.

In announcing its new board, Cygnus emphasized each member’s work on digital integration and the development of new initiatives beyond print media, perhaps hinting at Cygnus’ goals post-reorganization.

“Today’s media landscape offers exceptional opportunities for growth and transformation as it has in each prior decade,” French said. “Each of our board members has participated in the industry from launching start-ups to establishing world leading mediums. Experience, knowledge and hands-on expertise will provide us with a competitive edge and a unique vision of the future. This new board is reflective of our commitment to our business and to the B2B industry as a whole.”

After the jump, full bios of the Cygnus’ new board members.

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B-to-B Publisher Cygnus Media Emerges From Ch. 11, Names New CEO

Just 49 days after filing for bankruptcy protection, business-to-business publisher Cygnus Business Media today announced its emergence from Chapter 11.

When it filed for Chapter 11 in August in order to restructure its debt, Cygnus said it had reached an agreement with 23 out of 24 secured lenders on a financial restructuring deal. The company filed a prepackaged bankruptcy plan with the court that was swiftly confirmed.

According to Cygnus, the now-approved plan will become effective and convert a portion of the company’s secured debt to equity.

Also today, Cygnus announced the appointment of a new CEO, John French, formerly the CEO of Penton Media. See the release about his hiring, after the jump.

Back in July, even before its Chapter 11 filing, Cygnus was trying to cut costs. It laid off 50 staff members and restructured its sales team in its strongest media sectors, suspending a handful of titles, including jewelry trades Modern Jeweler and Lustre.

Earlier: Cygnus Media Restructures Debt Through Chapter 11

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Cygnus Media Restructures Debt Through Chapter 11

cygnus.pngYesterday, trade publisher Cygnus Business Media filed for Chapter 11 bankruptcy protection in order to restructure its debt.

Cygnus reached an agreement with 23 out of 24 secured lenders on a financial restructuring deal that will swap debt-equity for the company’s secured debt. However, an out of court deal required a unanimous decision and the hold-out lender pushed Cygnus to file a prepackaged bankruptcy plan in Delaware Bankruptcy Court, in the hopes of swiftly ushering in the restructuring plan. Under the plan, the company’s secured debt will be reduced from $180 million to $60 million, Folio reported.

Cygnus says it expects its plan to gain court approval in about 45 days, during which time its employees and vendors will be paid and business will continue as usual.

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Trade Publisher Cygnus Lays Off 50, Suspends Four Pubs

modern jeweler.pngCygnus Business Media, the publisher of more than 40 business-to-business trade publications, said today that it has laid off 50 staff members and restructured its sales team in its strongest media sectors.

The staff reductions, which affected the company in all areas including the editorial, sales, sales support and graphic design departments, represent 12 percent of Cygnus’s total workforce, the company said. There is no word on who exactly was let go, so if you have any information, email us or leave a note in the anonymous tip box.

And although magazines like Firehouse and Law Enforcement Technology and their corresponding Web sites continue to thrive — a Cygnus spokesperson said Firehouse.com and Officer.com each get 600,000 unique visitors a month — the company did suspend publication of four underperforming titles.

Cygnus would not confirm which titles were affected, but a source with knowledge of the matter told FishbowlNY that jewelry trades Modern Jeweler and Lustre were going to have their publication suspended, along with RV Trade Digest and Wood Digest.

“The final status of the properties most affected has not yet been determined; however a reduction in frequency of printed issues will occur,” Cygnus said in a statemnet. “Some of our groups are seeing signs that their markets are stabilizing — with requests even coming in for Q4 proposals. That’s a positive sign, similar to what the overall economy might be suggesting. But no one is projecting a rapid turnaround next year. Because of that, the decisions and steps taken today have positioned our operations, to the best of our knowledge and visibility, to remain sound this year and next year, should we not see some improvement in the economy.”

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