Penton Business Media Holdings Inc. has announced that it's bankruptcy reorganization plan won court approval.

The company expects to emerge from bankruptcy in a few days after Judge Arthur Gonzalez approved the publishing company's Chapter 11 plan in Manhattan bankruptcy court Monday. The plan will eliminate over $270 million of debt and Penton could receive as much as $51.2 million of new equity from its owners. 

Penton, the publisher of trade magazines like National Hog Farmer and AutoWorld, filed the pre-packaged reorganization plan on February 10. The company was struggling with cash flow in the face of decreased advertising sales. The company listed assets of $841 million and $1.13 billion of liabilities.

If you are considering filing for bankruptcy, it is important to understand all the legal options that are available to you. To speak with an experienced Galveston bankruptcy lawyer of Gipson, Norman & Root, please call 409-765-6000.