Penton Media, the company that publishes Electrical Marketing, Electrical Wholesaling, EC&M and about a hundred other business-to-business magazines, websites and conferences, announced today that it will be filing a pre-packaged Chapter 11 bankruptcy in the next few days. The company expects to emerge from the restructuring in 30 to 45 days.
The move, based on plan of reorganization already finalized with creditors, will relieve the company of $270 million in debt. The company's primary shareholders will be making an additional investment in the company to help Penton improve and grow its business. The plan also includes an extension of the maturity on Penton's senior secured credit facility through 2014. The debt restructuring does not include any changes to management or to the company's operations. It will not affect any of our publication schedules, staffing or payments to suppliers or freelancers.
It's business as usual for Electrical Marketing newsletter, Electrical Wholesaling and EC&M magazines, which remain very profitable publications for Penton Media and will continue to provide the electrical market with the same high-quality editorial content their readers have come to expect.
About the Author
Doug Chandler, Senior Staff Writer
Executive Editor
Doug Chandler began writing about the electrical industry in 1992, and still finds there's never a shortage of stories to be told. So he spends his days finding them and telling them. Educationally, he's a Jayhawk with an English degree. Outside of work, he can often be found banging drums or harvesting tomatoes.