Penton Files Prepack Ch. 11 To Resolve Loan Debts

Law360, New York (February 10, 2010, 6:40 PM EST) -- Recession has claimed its latest victim in the media industry, with Penton Business Media Holdings Inc. lodging a prepackaged Chapter 11 plan Wednesday in hopes of wiping out $270 million in debt.

The company said it has gained approval from requisite creditors on a prepackaged reorganization plan filed in the U.S. Bankruptcy Court for the Southern District of New York, and hopes to emerge from bankruptcy within 30 days.

Listing more than $500 million in assets and more than $1 billion in debt, the company stressed...
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