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Originally published Tuesday, February 9, 2010 at 9:25 AM

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Publisher Penton Media to file for Chap. 11

Trade magazine publisher Penton Media said Tuesday that it's planning to file for Chapter 11 bankruptcy within the next few days.

The Associated Press

NEW YORK —

Trade magazine publisher Penton Media said Tuesday that it's planning to file for Chapter 11 bankruptcy within the next few days.

The company will file a prepackaged bankruptcy in which it has worked out terms of the restructuring with lenders. The goal is to allow the company to emerge from reorganization more quickly.

Penton said it expects to exit from bankruptcy protection in 30 to 45 days.

Penton said the agreement it reached with lenders will remove $270 million in debt. The maturity of Penton's senior secured credit line was extended to 2014 as well.

Shareholders also agreed to invest more money in the company to boost cash on hand.

The company did not immediately return a call for comment.

Penton Media said it has enough cash flow to meet current obligations and that it will operate as usual.

Penton Media Inc., based in New York, is privately held by equity firms MidOcean Partners and Wasserstein & Co. LP.

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