Advanstar Communications, the media company behind the Indianapolis Dealer Expo, has eliminated $385 million in debt in a restructuring move, the company announced.
As part of the restructuring, the company also is receiving $35 million in new capital from its principal stakeholders, including Anchorage Advisors and Veronis Suhler Stevenson. The press release did not indicate how much debt Advanstar still has nor other details on the restructuring move.
“This transaction is an important development for Advanstar,” Joe Loggia, Advanstar CEO, said in a press release. “We are especially pleased that we have been able to reach this milestone while continuing to provide our customers with superior service and marketing solutions."
Advanstar, which also has a presence in the fashion and life sciences industries, was acquired by a group of companies led by Veronis Suhler Stevenson in 2007 for $1.1 billion. The company publishes nearly 70 publications, 267 electronic products and Web sites, and produces nearly 150 events, according to Foliomag.com