Penton Media has filed voluntary petitions to restructure under Chapter 11 of the US Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York. The company has filed a pre-packaged plan of reorganization, incorporation the terms of a previously announced restructuring agreement between Penton and its lenders. Once finalized, the restructuring will results in the elimination of $270 million of the company’s debt. The company’s existing shareholders have agreed to make a significant investment in the company, providing additional working capital to fund operations and improve its overall liquidity.
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As a leading, independent, business-to-business media company, Penton knows business and how to create and disseminate the vital content that moves markets. Penton serves the information needs of more than six million business professionals every month in industries ranging from Agriculture and Aviation to Electronics, Natural Products, and Information Technology. With the majority of the company’s properties ranked the #1 or #2 information source for their respective industries, Penton is where professionals turn to gain the critical insight, expert analysis, and relevant connections needed to compete and succeed. Headquartered in New York City, the privately held company is owned by MidOcean Partners and U.S. Equity Partners II, an investment fund sponsored by Wasserstein & Co., LP, and its co-investors.
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