Penton Media announced today that it will restructure through a pre-packaged Chapter 11 plan of reorganization. The trade publisher has reached an agreement with its lenders that is expected to eliminate $270 million in debt.
In a statement released to the press, Sharon Rowlands, Chief Executive Officer of Penton said, "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. 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."
Penton Media serves 16 trade markets and has two publications, American Printer and PFFC, serving the printing and packaging markets.