Penton Business Media Holdings and affiliated debtors won confirmation of their first amended joint prepackaged plan on March 5, less than a month after the Feb. 10 Chapter 11 filing. The debtor group entered court as a business-to-business media platform with 113 trade magazines, about 35 trade shows and conferences, digital media products, roughly 1,204 employees and about 275 independent contractors; ownership sat above the debtors at Penton Business Media Holdings, LLC, with MidOcean and Wasserstein funds among the largest holders source filing. Penton Business Media Holdings’ petition listed $100 million to $500 million in assets, $100 million to $500 million in liabilities, and 10,001 to 25,000 creditors source filing.

The plan solved a leveraged capital structure built around approximately $668 million of first-lien debt and $270 million of second-lien debt. First-lien term and revolver claims were rolled into an amended and restated credit agreement with accrued amounts paid and defaults waived, while second-lien holders received cash or reorganized equity valued at 15% of principal; general unsecured claims were unimpaired and paid 100%, and old Holdings equity was wiped out source filing. The confirmation order authorized consummation once plan conditions were satisfied, implementation of the amended credit agreement, issuance of reorganized equity, releases and injunctions, and immediate effectiveness without the usual Rule 3020(e) stay source filing.