Key3Media Plan to Reorganize OKd
From Bloomberg News
A federal judge approved a bankruptcy reorganization plan for Key3Media Group Inc., the technology trade-show company that produces Comdex.
The plan reduces the Los Angeles company’s debt by 87% to $50 million and transfers ownership to Thomas Weisel Capital Partners. U.S. Bankruptcy Judge Jerry Venters approved the plan at a hearing in Wilmington, Del., clearing the way for the company to exit Chapter 11 this month.
Key3Media filed for bankruptcy protection in February.
Investment funds managed by Weisel Capital owned about 68% of Key3Media’s bank debt and about 38% of its bonds before the bankruptcy filing, Key3Media said. The partnership will own 89% of the shares in the reorganized company.
