Penton Wins OK For Plan To Wipe Out $270M In Debt

By Brendan Pierson

Law360, New York (March 08, 2010, 1:08 PM ET) -- Trade magazine publisher Penton Business Media Holdings Inc. has won approval for a prepackaged Chapter 11 reorganization plan it filed less than a month ago, clearing the way for the company to emerge from bankruptcy at least $270 million less in debt.

The company won approval of its plan after a confirmation hearing Friday in the U.S. Bankruptcy Court for the Southern District of New York. No objections to the plan were filed in court by the objection deadline last Wednesday, and the only votes against...
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