Questex Media Group creditors object to proposed asset sale process

By Alice Popovici

New York, Oct. 23 - Questex Media Group, Inc.'s committee of unsecured creditors filed an objection to the company's proposed sale of substantially all of its assets to the first lien lenders, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

More time is needed to ensure the sale brings the maximum possible proceeds, the creditors told the court.

As previously reported, the company issued a press release stating that its first-lien lenders have agreed to serve as the stalking horse bidder in connection with the sale of substantially all of its assets. The asset purchase agreement will be completed shortly.

According to the objection, under the proposed sale procedures a bidder has until Nov. 18 to submit a bid, a time frame the lenders said is too short.

"While the committee appreciates the [company]'s desire to consummate a sale quickly in order to capitalize on the upcoming peak booking season, the auction period proposed by the sale motion is unnecessarily abbreviated to the potential detriment of the unsecured creditors,," the objection states.

The committee added that the bidding procedures should be amended and the sale process extended by at least two days to ensure that "the highest and best value is achieved for the estate."

Questex Media is a Newton, Mass., business-to-business integrated media provider. Its Chapter 11 case number is 09-13423.

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