BNA Subsidiaries, LLC
BNA Subsidiaries, LLC (“BNA Subs” or the “Company”) is a leading provider of research, information and professional events in a wide range of fields, including management and IT consulting, medical laboratories and agriculture. Collectively, BNA Subs’ products have been a top source for critical news and analysis for decades, giving its customers the critical data to excel within their specific industry. BNA Subs was formed through the 2009 merger of Kennedy Information and the Institute of Management and Administration.
The Company’s financial performance was negatively affected by the global economic downturn, as a reduction in corporate spending for information newsletters and conferences decreased the demand for the Company’s products and services. Despite a broad, detailed restructuring plan from BNA Subs’ management, BNA Subs’ parent decided that it would no longer provide unsecured funding and/or equity infusions due to market weakness for BNA Subs’ products and services. SSG was retained by BNA Subs in September 2010 to act as investment banker and financial advisor to BNA Subs to perform a valuation on the Company and to explore a sale of substantially all of BNA Subs’ assets.
In September 2010, BNA Subs filed for voluntary bankruptcy protection under Chapter 11 of the United States Bankruptcy Code in the District of Delaware and filed a Plan of Reorganization (“Plan”) sponsored by the Bureau of National Affairs, Inc. SSG re-marketed the equity in the proposed Plan to a number of strategic and financial parties, ultimately leading to the Plan being confirmed by the Court.