Penton Media Files Chapter 11 Bankruptcy
CHICAGO—Penton Media has filed a prepackaged plan of reorganization under Chapter 11, the publisher announced on Tuesday. The parent company of American Printer and Paper, Film & Foil Converter magazines, Penton is saddled with more than $1 billion in liabilities. Its assets fall between $500 million and $1 billion, according to court documents.
Among Penton's largest unsecured claims are several magazine printers, including Worldcolor ($1.59 million), RR Donnelley ($1.41 million), Brown Printing ($207,814) and Quad/Graphics ($81,885). In a letter to suppliers, Penton CEO Sharon Rowlands said all pre-petition supplier claims will be paid in full.
Penton saw its revenue fall 26.2 percent between 2008 and 2009, according to document filings. It publishes more than 110 publications.