New York
– Penton Media, a publisher of business magazines, announced on Tuesday that it
has filed for Ch. 11 bankruptcy protections, hoping to restructure its $270
million of debt.
Penton added that certain shareholders have agreed to make a
"significant new investment" in the company — which is expected to
continue normal print and digital publishing operations during the bankruptcy
proceedings.
Penton maintains that there will be no management changes or
change in control of the company, which publishes titles including Broadcast Engineering,
Remix, Modern Baking and Air Transport World.
"This restructuring will
allow us to achieve a debt level that is more sustainable in the current
economic environment," said Penton CEO Sharon Rowlands.
"With a
strengthened capital structure, we will be better positioned to fully leverage
our operations, which have been and continue to be profitable."
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