"Our team is diligently assessing all strategic alternatives for Vanguarde Media's portfolio, including a sale of some or all assets, potential financings, strategic partnerships and a stand-alone plan to maximize recovery for all constituencies involved in the case," said Triax managing partner Joseph Sarachek in the release. "We view these assets as extremely valuable and do not believe the bankruptcy process will impair them... It is possible that with a modest infusion of funds, the company can be restructured."
In 2002, Vanguarde generated about $25 million in revenue, with total advertising revenues for the three publications rising 54 percent. For the first ten months of 2003, Heart & Soul (39.9 percent), Honey (nine percent) and Savoy (18.1 percent) all saw ad page growth, according to the Publishers Information Bureau.