On Monday, U.S. trade publisher Questex Media Group Inc. filed for bankruptcy, claiming $299 million in assets and $321 million in liabilities between itself and eight affiliates. Formed in 2005 by Audax Group Inc., a Boston-based private equity firm, the company reportedly plans to sell itself to the holders of its debt.
In addition to having over 150 trade Web sites, Questex also sponsors 28 industry conferences and publishes 23 print magazines, including American Spa and Hotel & Motel Management. Due to a “severe contraction in liquidity,” the company had pledged all assets to existing lenders before initiating its sale. In a statement, Questex Media CEO Kerry Gumas said, “This restructuring will better position the business for future growth for the benefit of all of the company’s stakeholders.”