 During this time, Cygnus froze employee salaries and downsized, shuttering several magazines, including "Photo Trade News" and "Modern Jeweler" and laying off more than 10 percent of its staff.Cygnus’ efforts to reorganize without bankruptcy failed in late 2009 when it was unable to reach an agreement with one of its two dozen creditors.Filing Chapter 11 bankruptcy, Cygnus emerged from its reorganization in one month with $120 million less debt (down from a reported $180 million to $60 million) and a new CEO, John French, the former CEO of Penton Media.