Key3Media, which produces information technology tradeshows and conferences including Comdex, NetWorld+Interop and the NGN events, filed for Chapter 11 bankruptcy protection. Key3Media said all its trade shows would take place as scheduled while it undergoes a capital reorganization. To this end, the company has proposed a plan backed by Thomas Weisel Capital Partners (TWCP), which own approximately 68% of Key3Media’s bank debt and approximately 38% of its bonds (11.25% senior subordinated notes due 2011). Under the plan, Key3Media would eliminate its total debt by 87% from approximately $372 million to $50 million and eliminate all of its existing preferred stock and common equity. TWCP would own approximately 99% of the recapitalized company.
http://www.key3media.com
- Last month, Key3Media sold its Voice on the Net (VON) conference events back to pulver.com. It originally purchased the industry event from pulver.com in September 2001. Financial terms were not disclosed.
