New York, NY – Penton Media completed the quick turnaround of its financial restructuring by emerging from Chapter 11 bankruptcy in less than a month. The Federal bankruptcy court in Manhattan approved the pre-packaged reorganization plan on March 5, wiping away more than $270 million in long-term debt.
The plan, which was filed February 9, also included new working capital and an extension of Penton’s senior secured credit facility through 2014. Penton CEO Sharon Rowlands said the bankruptcy would not result in significant staff losses or divestiture of assets. Operations continued uninterrupted.
Penton publishes 113 magazines in 16 market segments and organizes 150 trade events attended by over 100,000 people annually. Its trade shows include Natural Products Expo West and East,which have won Trade Show Executive’s Gold 100 Award and TSE’s Gold Grand Award for their environmental initiatives.
Reach Sharon Rowlands at (212) 204-4200 or sharon.rowlands@penton.com
