Penton is only the latest b-to-b media company to explore restructuring, joining Advanstar Communications, ALM Media, Cygnus Business Media and Questex Media, all of which have either announced restructuring plans or have been under bankruptcy protection within the past two months.
“A key factor in Penton achieving our long-term vision is ensuring we have a capital structure in place to allow us the flexibility to fully implement our strategies. This announcement will potentially result in the company substantially reducing the debt it has to service, which will allow us to better manage today and secure our future. Our shareholders have made a significant investment in the company and are actively working with management to ensure that we have the resources and support necessary to drive our business and value today and in the years to come,” Penton CEO Sharon Rowlands wrote in an internal memo last week.
MidOcean Partners and Wasserstein & Co. are co-owners of the company, which was created by the merger of Prism and Penton in a 2007 deal that was valued at $530 million.