Henninger Media Services Completes Reorganization

Apr 15, 2003 12:00 PM, Editors

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According to Henninger Media Services (Arlington, Virg.), it has satisfied all conditions for the reorganization plan following less than nine months under Chapter 11 court protection.

Rob Henninger, HMS founder and CEO, attributed the swift emergence from Chapter 11 to Henninger’s cost-cutting moves to eliminate duplicative facilities, as well as its push into business and corporate communications, and—with its recent GSA approval—into government contracting. “It’s no secret that the advertising and post-production businesses have been in an industry-wide slump for a couple of years,” Henninger said. “So we’ve made a concerted effort to diversify our efforts into 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, Alexandria Division, HMS has secured financing from Advisco Capital Corp. and established equipment financing on favorable terms. Since entering Chapter 11, liabilities have been significantly reduced; the workforce has been reorganized to include 100 employees across its three facilities, absorbing key staff and equipment into its Arlington headquarters from several of the closed facilities. During this process, Henninger has built new Telecine suites, as well as new Discreet smoke and flame suites for its design and editorial talent. It also has added capacity for duplication and format conversion at Commonwealth Film Labs & Transfer in Richmond. In addition, the company has increased its market share in nontraditional media outlets.

For more information, visit the company online at www.henninger.com.






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