Cygnus Emerges From Bankruptcy, Names John French CEO
Cygnus Business Media announced today that it has emerged from Chapter 11 bankruptcy protection 49 days after filing its pre-packaged Plan of Reorganization with the U.S. Bankruptcy Court for the District of Delaware. The company also named John French its new CEO, replacing interim-CEO, Charles Carnaval.
The reorganization plan becomes effective and restructures secured debt by converting a portion to equity. It also provides that all general unsecured creditors, including all vendors, of Cygnus Business Media will be paid in full in the ordinary course.
French, known throughout the b-to-b world for his stint as CEO of Penton Media, takes over as CEO and will be expected to lead the company back to profitability.
"Cygnus Business Media is a formidable influence in business today," said French. "We have strong footprints in the areas of public safety, security, aviation, transportation and construction, all industries that provide the backbone of America's renewal. Growth in these markets will be substantial in the years to come as products and services continue to transform how work is delivered, assessed, created and performed. Communication and knowledge will be the leveler and we will continue to be the most dynamic resource for delivering it."
"Zolfo Cooper and especially Charles Carnaval and Scott Gellman have worked very hard these past several months and they deserve credit for their ongoing financial and management expertise," French added. "Charlie will be missed. He is a great communicator and has been a dedicated CEO. We appreciate all of his hard work and efforts."