Advanstar Communications, Inc., a worldwide media company providing integrated marketing solutions for the Fashion, Life Sciences and Powersports industries, completed a restructuring transaction with its lenders eliminating approximately $385m of debt.
In connection with the restructuring, the company, which has approximately 1,000 employees and currently operates from multiple offices in North America and Europe, is receiving $35m in new capital from its principal stakeholders, including Anchorage Advisors and Veronis Suhler Stevenson.
Commenting on the transaction, Joe Loggia, Chief Executive Officer of Advanstar Communications, said: “With a stronger capital structure, enhanced balance sheet and significant capital investment, our customers can be assured of our commitment to continuing to deliver innovating quality products and services for many years to come”.
FinSMEs
29/09/2009