|Issue: Week of April 18, 2003
HENNINGER MEDIA SERVICES COMPLETES REORGANIZATION
|ARLINGTON, VA - Henninger Media Services (HMS) has satisfied all conditions of its reorganization plan following less than nine months under chapter 11 court protection.
HMS founder/CEO Rob Henninger 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 the advertising and post production business has been in an industry-wide slump for a couple of years," Henninger says, "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, 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 added capacity for duplication and format conversion at Commonwealth Film Labs & Transfer in Richmond. In addition, the company has increased its market share in non-traditional media outlets.