New York, NY – Penton Media said the pre-packaged Chapter 11 bankruptcy petition it announced February 9 would slash $270 million from the company’s debt load.
Penton CEO Sharon Rowlands said the restructuring had the backing of Penton’s lenders and would enable the b-to-b media company to conduct business as usual, with no changes to the management roster or interruption of employee pay. “Operationally, nothing will change during this debt restructuring,” Rowlands said.
“This restructuring will allow us to achieve a debt level that is more sustainable in the current economic environment,” Rowlands said. “With a strengthened capital structure, we will be better positioned to fully leverage our operations, which have been and continue to be profitable.”
The plan was to be filed within a few days of the announcement. The plan anticipated emergence from bankruptcy 30 to 45 days later. It also includes what Penton termed a significant new investment from some of its existing shareholders and the extension of the maturity of senior secured facility through 2014.
Penton publishes 113 magazines in 16 market segments and organizes 150 trade events attended by over 100,000 trade professionals annually. Its trade shows include Natural Products Expo West/East and Natural MarketPlace; and magazines American Machinist and Welding Design & Fabrication.
Reach Sharon Rowlands at (212) 204-4200 or sharon.rowlands@penton.com
