New York, NY – Penton Media is the latest B-to-B media company to turn to a restructuring of its debt as a means of weathering the current economic storm.
Penton CEO Sharon Rowlands told employees in an internal memo that the investment bank Rothschild Inc. had been retained to assist Penton in developing a plan to reduce its serviceable debt and continue 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,” the memo said.
Rowlands told Trade Show Executive that Penton did not expect the restructuring to force any reductions or divestments in the company’s portfolio of live events.
Penton’s roster of trade shows includes the Natural Products Expos West and East, which are produced by the New Hope Natural Media division. The 2008 shows placed 65th and 99th in Trade Show Executive’s Gold 100 rankings and received the 2008 Gold Grand Award for “The Leader in Green Initiatives” at this year’s Trade Show Executive Gold 100 Awards & Summit.
Penton’s hiring of Rothschild came on the heels of restructuring plans announced in recent months by Questex Media, Cygnus Business Media and Advanstar Communications. Questex sought Chapter 11 bankruptcy protection as part of its restructuring strategy.
TSE will publish a special report on the new Restructuring Surge in the November issue.
Penton is co-owned by MidOcean Partners and Wasserstein & Co.
Reach Sharon Rowlands at (212) 204-4200 or sharon.rowlands@penton.com
