<div id="subtitle">Trade publisher Penton Media to file for Chapter 11 bankruptcy protection; seeks quick exit</div><div><p>Trade magazine publisher Penton Media said Tuesday that it's planning to file for Chapter 11 bankruptcy within the next few days.</p><p>The company will file a prepackaged bankruptcy in which it has worked out terms of the restructuring with lenders. The goal is to allow the company to emerge from reorganization more quickly.</p><p>Penton said it expects to exit from bankruptcy protection in 30 to 45 days.</p><p>Penton said the agreement it reached with lenders will remove $270 million in debt. The maturity of Penton's senior secured credit line was extended to 2014 as well.</p><p>Shareholders also agreed to invest more money in the company to boost cash on hand.</p><p>The company did not immediately return a call for comment.</p><p>Penton Media said it has enough cash flow to meet current obligations and that it will operate as usual.</p><p>Penton Media Inc., based in New York, is privately held by equity firms MidOcean Partners and Wasserstein & Co. LP.</p><img src="http://admatch-syndication.mochila.com/images/ad.gif?aid=68755832&bid=informcom" /></div><div id="copyright"><div>

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