Farmfest parent company emerges from bankruptcy
The parent company of Farmfest and Dakotafest, Cygnus Business Media Inc., announced Tuesday that it emerged from Chapter 11 bankruptcy on Sept. 21, less than two months after filing a reorganization plan with the U.S. Bankruptcy Court for the District of Delaware.
The plan restructured secured debt by converting a portion to equity, according to a company news release. It also provided that all general, unsecured creditors be paid in full.
The Aug. 3 filing for bankruptcy protection was made when the company could not reach a settlement with one of 24 creditors, the news release said.
According to the company Web site, the Cygnus Expositions division stages five farm shows nationwide: Farmfest in Minnesota and Dakotafest in South Dakota as well as a show in Illinois and two shows in Texas.
The agricultural trade shows feature exhibits from manufacturers of farming and ranching equipment as well as agricultural service providers. In addition, the shows offer a variety of forums, seminars and demonstrations.
The 29th annual Farmfest is slated Aug. 3-5 at the Gilfillan Estate in Redwood County. The agricultural trade show draws 35,000 each year, according to the show's Web site.
Cygnus reported a record 2009 Dakotafest attendance of 33,288 visitors, with about 540 booths. The 2010 version of the agricultural trade show will be Aug. 17-19 at the 50-acre Schlaffman farm site, just southeast of Mitchell, S.D.