Trade magazine and website publisher Penton Media Inc., announced Tuesday that it will file for Chapter 11 bankruptcy.

The industry-specific publishing company reached an agreement with lenders that decreases its debt by $270 million. Many of the company’s current shareholders have agreed to make a significant new investment in Penton’s overall liquidity. The agreement also provides for an extension on the maturity of the company’s senior secured credit facility through 2014.

The company has asked the court to schedule a confirmations hearing in early march and is seeking to emerge from Chapter 11 within 45 days.

If you are a business owner and are struggling to make regular payments on your debts, you may wish to consider filing for bankruptcy to restructure your business. For more information on bankruptcy, please contact a Boston bankruptcy lawyer of Joshua Spirn & Associates by calling 800-975-5346.