Henninger Media Folds Richmond Operation, Names New COO
January 16, 2003
After closing its Richmond, Va. office last week, Arlington, Va.-based Henninger Media Services, the largest post production company in the Mid-Atantic, filed a reorganization plan to revive the company from Chapter 11 bankruptcy protection by March.
Henninger's plan to exit bankruptcy centers on receiving $2 million in revolving credit and a $2 million secured equipment loan pending court and creditor approval of the reorganization plan. As of Nov. 30, Henninger assets were $15.6 million and liabilities were $14.5 million, according to U.S. Bankruptcy Court documents.
The tape-duplication services, which will move to another Henninger division, are all that remains of the Richmond office, except for one employee (out of the 10 previously there) that was transferred to headquarters. The Richmond closing leaves Henninger with 140 employees and three offices. Henninger attributes the closing to a decreasing market for film and TV postproduction services in that area and reported sales of $850,000 in November.
The folding of this office is not Henninger's first -- a New York division, Henninger Tools, closed in August when it filed for bankruptcy. That closing resulted in the layoff of four employees and there are plans to terminate the company's Georgetown lease in Washington D.C. In other moves, three graphic design suites and 30 workers will head to Arlington and the D.C. office will get the editing and audio suites.
The company recently named Eric Hansen as COO. Hansen is responsible for HMS' day-to-day operations at its Arlington and Washington facilities, as well as marketing, sales and account management functions.