Penton Media Inc., New York, the company that owns Electrical Wholesaling, Electrical Marketing, EC&M and about a hundred other business-to-business publications, websites, data products and trade shows, emerged from Chapter 11 early last month, less than 30 days after filing a pre-packaged reorganization plan.
The capital restructuring resulted in the elimination of more than $270 million of long-term debt and an extension of the maturity on the company's senior secured credit facility through 2014. In addition, certain existing shareholders made a significant new investment in Penton, which will provide additional working capital to fund operations and improve Penton's overall liquidity.
There have been no changes to staff, publication schedules or payments to contractors and service providers relating to the restructuring at any of Penton's electrical industry publications.