Trade publisher and event producer Penton Media has reached an agreement with its lenders on the terms of a restructuring through a pre-packaged Chapter 11 plan of reorganization. If approved, the plan is expected to eliminate $270 million in debt, according to FOLIO:, EXPO's sister publication.

In addition to the agreement, the company said a number of its existing sharholders have agreed to make “a significant” new investment in the company.

Penton CEO Sharon Rowalands called the restructuring a “positive, strategic step” for Penton. “This restructuring will allow us to achieve a debt level that is more sustainable in the current economic environment. With a strengthened capital structure, we will be better positioned to fully leverage our operations, which have been and continue to be profitable.”

Penton said it expects to emerge from Chapter 11 within 30 to 45 days.