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According to The New York Times, Los Angeles-based Key3Media will file for bankruptcy today in the Federal Bankruptcy Court of Delaware. The company has proposed a reorganization plan that would be backed by the private equity division of Thomas Weisel Partners, which will provide $30 million in debtor-in-possession financing, allowing Key3 to continue operating while it reorganizes. Investment funds managed by Thomas Weisel Capital Partners, a $1.3 billion private equity fund, now owns 68 percent of Key3Media’s bank debt and 38 percent of its bonds. As part of the deal, Key3Media hopes to reduce its debt to $50 million from $372 million, thereby lowering its annual interest expenses to $3.4 million from $38 million. Key3Media hopes to emerge from bankruptcy 90 days from now, however, the company’s reorganization plan must be approved by the court. For the full story, go to

http://www.nytimes.com/2003/02/03/business/03DEAL.html?dlbk

Penton will fall short of year-end guidance
Cleveland-based Penton Media Inc. announced it wouldn't hit its guidance estimates for the fourth quarter of last year; released in November, the revised numbers said the company expected revenues to fall off 21 percent and that its adjusted EBITDA would be near $11.5 million. Fourth quarter revenues in 2002, however, are down 25 percent from 2001 numbers, and adjusted EBITDA is expected to the company's revised goal.

Greco leaving IDG World Expo for Gartner Inc.
Charlie Greco, President and CEO of Framingham, MA-based IDG World Expo, has announced he is leaving the company to become Senior Vice President for Worldwide Events at Stamford, CT-based Gartner Inc. Greco's new position begins Feb. 24. 

IIR launching America Health show
The Institute for International Research (IIR) is launching America Health, to be held March 2004 in Washington, DC, in conjunction with the IIR-organized National Managed Healthcare Congress.