Questex Media granted court OK of bidding procedures for asset sale

By Angela McDaniels

Tacoma, Wash., Oct. 27 - Questex Media Group, Inc. received court approval of the bidding procedures for the proposed sale of substantially all of its assets, according to a Monday filing with the U.S. Bankruptcy Court for the District of Delaware.

The company's first-lien lenders are the stalking horse bidder. If additional bids are received, Questex will hold an auction on Nov. 20.

A hearing on the sale will be held Nov. 24.

As previously reported, the company's committee of unsecured creditors filed an objection to the proposed sale, saying more time is needed to ensure the sale brings the maximum possible proceeds.

"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 stated.

Questex Media, a Newton, Mass., business-to-business integrated media provider, filed for bankruptcy on Oct. 5. Its Chapter 11 case number is 09-13423.

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