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Court Approves Quick Resolution To Penton Bankruptcy

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The bankruptcy court overseeing b2b publisher Penton’s Chapter 11 filing has approved the company’s “pre-packaged” reorg plan, less than a month after it sought protection from creditors. Penton says that the court’s approval has paved the way for the publisher to emerge from bankruptcy “within days.” One advantage Penton had going into the process was the clear lack of acrimony between the company and its creditors over how to resolve the situation, as lenders had already accepted the reorg plan.

The restructuring eliminates $270 million of Penton’s long-term debt. With that taken care of, CEO Sharon Rowlands says that Penton will be freed up to make additional investments in the business. Also, the New York-based publisher,  will continue to be owned by PE firms MidOcean Partners and U.S. Equity Partners II, an investment fund sponsored by Wasserstein & Co. Release

Mar 5, 2010 12:07 PM ET

Penton


Posted In: Media & Publishing, Magazines, Money, Bankruptcy, penton media

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