Penton Media to File for Chapter 11 Bankruptcy

RADIO ONLINE | , , | :am CT

New York-based Penton Media will file Chapter 11 bankruptcy in the next few days under a debt restructuring plan that is meant to eliminate about $270 million in debt. The company, publisher of Broadcast Engineering and Radio magazine, said in a statement that there will be no layoffs, and operations will be unaffected by the restructuring plan approved by lenders.

"This restructuring will allow us to achieve a debt level that is more sustainable in the current economic environment," said 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."

The company also said there will be no management changes and it expects to finalize the capital restructuring and emerge from bankruptcy in 30 to 45 days.