QMG Holdings, Inc. and Questex Media Group, Inc. announced today that they have completed the previously announced "363 sale" of their businesses to a new company held by a group of their senior lenders. The new company, named Questex Media Group LLC, has its own financing and is not subject to Chapter 11 cases filed by the predecessor companies.
Questex Media Group LLC is the operating company that now owns and operates business units InfoTrends, FierceMarkets, FiveStarAlliance, ImagingNetworks, Oxford Publishing, McLean Events International Ltd and all related Questex magazines, online media and event brands. The new company will operate with an improved capital structure and increased financial flexibility to better position it for future growth. Questex Media Group LLC is headquartered in Newton, MA. The company will be led by its existing executive leadership along with the existing management teams of its business units.
Questex Media Group LLC's President and Chief Executive Officer Kerry Gumas said, "We are thrilled to complete the financial restructuring and provide a new future for our businesses. 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 members of Questex Media Group LLC were advised by legal counsel, Weil, Gotshal & Manges LLP; and investment bankers Imperial Capital, LLC.
QMG Holdings, Inc was advised by legal counsel, Kirkland & Ellis LLP; and investment bankers Miller Buckfire & Co., LLC.
About Questex Media Group LLC
Questex Media Group LLC is a global, diversified business-to-business media organization serving multiple industries including hotel and hospitality, travel, technology, beauty, spa, among numerous other specialty industries with its well-established, market-leading, events, publications, digital and interactive media, research, and other marketing and media related services. The company's combined operations include approximately 400 employees in offices throughout North America, South America, Asia and Europe. For more information, visit www.questex.com.