Cygnus Business Media emerges from Chapter 11

In April, this year, the company has suspended the publication of its photo and imaging trade media, including the magazines Photo Trade News (PTN) and Studio Photography as well as its online news service www.imaginginfo.com.

Cygnus Business Media filed its pre-packaged Plan of Reorganization on August 3rd after being unable to reach agreement with one of its 24 lenders on a financial restructuring plan. The Plan, now confirmed by the Court, 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.

Cygnus Business Media is being advised by legal counsel, Curtis, Mallet-Prevost, Colt & Mosle LLP; local counsel, Richards, Layton & Finger, P.A.; financial advisors, Zolfo Cooper LLC; and investment bankers, Miller Buckfire & Co., LLC.