Trade Publisher Penton Media Prepares Bankruptcy Filing
February 9, 2010 at 12:01 PM (PT)
Trade magazine publisher PENTON MEDIA has announced that it will file for Chapter 11 bankruptcy with a prepackaged plan that will reduce the company's debt by $270 million. The restructuring will extend PENTON's senior credit facility debt maturity to 2014. No changes in management are expected, and trade creditors will be paid in full. The company expects to finalize the restructuring and emerge from bankruptcy in 30 to 45 days.
“This capital restructuring is a positive, strategic step for PENTON that is in the best interests of the Company and our employees, customers, and suppliers,” said PENTON MEDIA CEO SHARON ROWLANDS. "This restructuring will allow us to achieve a debt level that is more sustainable in the current economic environment. With a strengthened capital structure, we will be better positioned to fully leverage our operations, which have been and continue to be profitable. We have many opportunities to grow our business and increase our profitability which we are excited to execute on."
"We are pleased to have reached agreement with our lenders and thank them for their support," said ANUP BAGARIA and TYLER ZACHEM, Co-Chairmen of PENTON MEDIA. "PENTON will emerge as a stronger company as a result of this transaction, and we believe that the Company is well-positioned for future success due to its market leading franchises and outstanding management team."
PENTON MEDIA publishes RADIO MAGAZINE, BROADCAST ENGINEERING, MIX, ELECTRONIC MUSICIAN, REMIX, SOUND AND VIDEO CONTRACTOR, MICTOWAVES AND RF, and many other trade publications.