Jobson's bankruptcy!

[Fezz]

I just found out that Jobson has filed for bankruptcy.

Has anybody else heard about this? I saw on it Bloomberg?

http://mobile.bloomberg.com/news/201...rotection.html

[Wes]

There go my free CE credits.

[chip anderson]

When you charge too much for product or services the customers go away.

[Chris Ryser]

Company Overview of Jobson Medical Information, LLC, Bankruptcy February 2, 2012


Jobson Medical Information, LLC operates as a healthcare publishing and communications company. It produces a range of publications, educational programs and materials, live events, symposia and Web sites that reach, teach, and influence healthcare professionals every month. The company's publications include Review of Optometry, Review of Ophthalmology, VisionMonday, 20/20 Magazine, and LabTalk. The company also provides research, Internet solutions, and marketing services. It serves medical, pharmaceutical, eye wear, eye care, telemarketing, and research and alternative media industries in North America, Europe, Asia, and South America. Jobson Medical Information, LLC was founded in 1958 a...


Jobson Medical Information Holdings filed a pre-packaged Chapter 11 in Manhattan on Feb. 2, seeking a quick trip through bankruptcy court and an exit by March 26.

The New York-based healthcare-communications and education company claimed in court filings to be both operationally and financially sound. But it enters Chapter 11 with outstanding secured debt of about $117.3 million and roughly $2 million in unsecured debt and other obligations.
In August 2011, Jobson began negotiations with GE Capital and its lenders on the terms of a proposed restructuring of its secured facility, dated May 15, 2009, in light of an impending Dec. 1, 2011 maturity. The facility consists of a term loan with $87 million outstanding, a delayed-draw term loan with $21.2 million outstanding, a revolver with $9.2 million currently outstanding, an unutilized incremental facility commitment of $25 million, and a letter of credit commitment of $5 million. Currently the aggregate amount due to pre-petition lenders is about $117.26 million.

Jobson circulated the terms of a proposed restructuring on Jan. 10, and they were approved by more than two-thirds in amount and nearly 70% in number of its pre-petition lenders, the company said.

Under the terms of the proposed plan, pre-petition lender claims will receive their pro rata share of $117.36 million in new term loans governed by an exit facility credit agreement. The new loans will mature on Dec. 31, 2014, and are priced at L+900, with a 1.5% LIBOR floor.
The timeline set forth in the plan-support agreement requires final approval of the disclosure statement and reorganization plan by March 23, with an effective date of March 26. The company has asked U.S. Bankruptcy Court Judge Sean Lane for a combined hearing on the plan and disclosure statement on March 1.

Private equity firm Wicks Group holds a 99.8% ownership interest in the company, with the rest held by CEO Michael Tansey. Jobson has retained Lowenstein Sandler as legal counsel and Gordian Group as financial advisor and investment banker. – John Bringardner

http://www.lcdcomps.com/lcd/f/articl...0&aid=12335759

[hcjilson]

Close to 20 years ago I was in a meeting of a group of optical excecutives called together to put an investment team together to help one of my companies. I was definitely cash short and had a viable company that had fallen on one misfortuate circumstance. I wont name any names but I will say the president, and founder of Jobson was there. He called me on the carpet and made me look like a fool in front of the other potential investors. It was so bad, if I hadn;t been so sick. (fever of 105) that I would have gone after him physically. He was, and probably still is that obnoxious. (I didn't mention his name but it wouldn't take a rocket scientist to find out who it was.) Well, the guy was so slippery I am sure he make out well but to my way of thinking Jobson is his legacy and it's only fitting. BTW I saw over 400K tossed on the table that night in personal checks written by some great guys. As it turned out, not enough to save the company but a sign of their good faith. I will never forget that night.

[pseudonym]

He called me on the carpet and made me look like a fool in front of the other potential investors.

Shadenfruede is like cookies. It's bad for you but so sweeeeeet.

[Stan Tabor]

It is a pre-packaged bankruptcy and they will emerge after GE and crew take a major haircut on the debt they are owned. The creditors typically get a piece of equity which in this case basically amounts to a few dinosaur bones.

[pseudonym]

Bankruptcy ain't what it used to be for the big guys. Now it's just a restructuring where employees get a pay cut and pension payments get stopped under the old company. Then a new improved company with a significantly better bottom line emerges...

Of course, for the rest of us bankruptcy means what it implies- you lose everything.

[hcjilson]

Bankruptcy ain't what it used to be for the big guys. Now it's just a restructuring where employees get a pay cut and pension payments get stopped under the old company. Then a new improved company with a significantly better bottom line emerges...

Of course, for the rest of us bankruptcy means what it implies- you lose everything.

Been there, done that..........

Pseudo.......either you were at the meeting, of have some knowledge of it. Did it come from me? or were you there??? I am dying of curiosity!!!

[pseudonym]

Pseudo.......either you were at the meeting, of have some knowledge of it.

PM sent.

[Chris Ryser]

A publishing company like Jobson and probably others has been doomed for a long time . Today where you have information at your fingertips and can get an answer to just about anything in seconds on the internet you do not have to wait to get a magazine on a weekly or monthly basis.
These publishing companies have been living on advertising, which is now done on tyhrough own website, or by adverising on other sites.

When I stopped advertising in magazines was when the popularity of my own site ranked better than theirs. All these magazines companies forgot to change over a part of their business to the internet in time and lost a lot of income through that. Also the cost of advertising did not come down and was adapted to the new times.

[Craig]

They keep the #'s up by sending 3 of the same thing to my store yesterday; Wonder why they re broke?