Key3Media emerges from Chapter 11, will change name to Medialive

By Carlise Newman

Chicago, June 19 - Key3Media Group Inc.'s plan of reorganization has become effective, and the company has emerged from Chapter 11 bankruptcy as a private company. The company reduced debt by 87% and related annual interest expenses by 91%.

Thomas Weisel Capital Partners now owns 90% of Key3Media's common equity. Certain unsecured creditors have the right to purchase up to 10% of the company's common equity.

Key3Media will change its name to Medialive International Inc. and will relocate its headquarters to San Francisco from Los Angeles. The technology event company expects to move its headquarters in the summer and will keep domestic offices in Boston, Chicago, Los Angeles and Media, Pa.

The company's international headquarters will be in London, with offices in Beijing, Paris, Sweden, Tokyo and Toronto.

Robert Priest-Heck, currently the chief operating officer, has been named chief executive officer, succeeding Fredric Rosen, who will continue to serve on board of directors.

"Medialive now has the flexibility to pursue strategic initiatives to better leverage our unique positioning at the intersection of IT buyers and vendors," Priest-Heck said in a news release. "Our success during the last few months is, in large part, a result of the continuing support of our customers. We are reinvigorated by Medialive's new opportunities and look forward to meeting our customers' rapidly evolving needs for a strategic partner in the IT marketplace."

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