Henninger Media Services Completes ReorganizationAccording to Henninger Media Services (Arlington, Virg.), it has satisfied all conditions for the reorganization plan following less than nine months 4/15/2003 8:00 AM Eastern
According to Henninger Media Services (Arlington, Virg.), it hassatisfied all conditions for the reorganization plan following lessthan nine months under Chapter 11 court protection.
Rob Henninger, HMS founder and CEO, attributed the swift emergencefrom Chapter 11 to Henninger’s cost-cutting moves to eliminateduplicative facilities, as well as its push into business and corporatecommunications, and—with its recent GSA approval—intogovernment contracting. “It’s no secret that theadvertising and post-production businesses have been in anindustry-wide slump for a couple of years,” Henninger said.“So we’ve made a concerted effort to diversify our effortsinto areas expected to see high growth in the years ahead.”
Under the reorganization plan confirmed April 2 by the U.S.Bankruptcy Court for the Eastern District of Virginia, AlexandriaDivision, HMS has secured financing from Advisco Capital Corp. andestablished equipment financing on favorable terms. Since enteringChapter 11, liabilities have been significantly reduced; the workforcehas been reorganized to include 100 employees across its threefacilities, absorbing key staff and equipment into its Arlingtonheadquarters from several of the closed facilities. During thisprocess, Henninger has built new Telecine suites, as well as newDiscreet smoke and flame suites for its design and editorial talent. Italso has added capacity for duplication and format conversion atCommonwealth Film Labs & Transfer in Richmond. In addition, thecompany has increased its market share in nontraditional mediaoutlets.
For more information, visit the company online at www.henninger.com.