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Penton receives confirmation of reorganization plan

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New York—Penton Media announced Friday that it has received confirmation of its “prepackaged” plan of reorganization and expects to emerge from Chapter 11 within the next few days.

The U.S. Bankruptcy Court for the Southern District of New York confirmed the plan Friday.

Penton announced its entry into bankruptcy protection in February. The capital restructuring eliminates more than $270 million of long-term debt. It also extends the maturity of Penton’s senior secured credit facility through 2014. Additionally, some of Penton’s shareholders have made new investments in the company. “This capital restructuring puts us in a much stronger financial position,” Penton CEO Sharon Rowlands said in a statement.

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