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Auction dates set for Questex Media

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Chicago—Questex Media Group on Saturday filed a motion in the U.S. Bankruptcy Court for the District of Delaware to approve the sale of the business to QMG Acquisition, a group of the company’s lenders.

The filing also set in motion the process to open the bidding for Questex’s assets to other potential buyers. The date for the bidding deadline was set as Nov. 18;. the auction, for Nov. 20.

In the filing, the company stated that it had revenue of $129 million in 2008 and about $30 million in earnings before interest, taxes, depreciation and amortization. The company said in the filing that its EBITDA, before restructuring costs, will total only $15.9 million in 2009. The company’s book value is said to be $299 million and its liabilities total $321 million.

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