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Penton to Emerge from Chapt. 11 Under Reorganization
Friday, March 5, 2010
Steve Smith

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Penton Media confirmed this morning that the U.S. Bankruptcy Court in New York has approved a pre-packaged reorganization plan for the company, setting the stage for Penton to emerge from Chapter 11 in a matter of days. Penton filed for Chapter 11 protection a month ago.

According to the company, the plan will relieve its books of $270 million in long-term debt and an extension of its secured credit facility through 2014. Some Penton shareholders will in return take a substantial investment in the company.

“This capital restructure puts us in a much stronger financial position,” said CEO Sharon Rowlands in a statement.

Penton will retain its current management structure, including the Board of Directors and senior management.


If you have breaking news to share please contact Steve Smith at ssmith@accessintel.com

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