Questex, the Newton, MA-based trade publisher, has filed for Chapter 11 bankruptcy, in the court in Delaware today. The company, owned by PE firm Audax Group, has 23 print mags with brands such as Computerworld (yes! in Hong Kong, that is), Home Media Magazine, American Spa and Hotel & Motel Management, 28 conferences and more than 150 trade websites. With this filing, it plans to sell the company to the holders of its debt, who may also provide the debtor-in-possession loan during the process. The company has listed assets of $299 million and liabilities of $321 million in its filings, according to Reuters. Questex was formed in 2005 by Audax Group which bought business units from Advanstar then for $185 million; since then it has been buying all kinds of smaller B2B properties, including buying online and e-mail newsletters company FierceMarkets early last year for an undisclosed sum. Interestingly, the filing also shows that the former shareholders of FierceMarkets are owned about $7.5 million as well, which means an earnout that was probably to be given to founder Jeff Gisea, who left last year. A little known fact, Peter Thiel was an investor in FierceMarkets and don’t know if he lost money as a result of this bankruptcy.
B2B Pub Questex Files For Ch 11 Bankruptcy; FierceMarkets’ Former Shareholders Owed $7.5 Million

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