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http://www.techweb.com/wire/story/TWB20030203S0007
Comdex Owner Files For Bankruptcy Protection
February 3, 2003 (6:17 p.m. EST)
TechWeb News
Key3Media Group Inc., producer and promoter of Comdex and other high-tech industry trade shows, filed for Chapter 11 bankruptcy protection on Monday.
The Los Angeles company filed with the U.S. Bankruptcy Court in Wilmington, Del., listing assets of $241.2 million and liabilities of $441 million as of Nov. 30 of last year.
Key3Media has suffered from the overall slump in the tech industry, which has seen massive layoffs over the last couple of years and a slowdown in corporate IT spending. With companies cutting back, there's less money to send staff to trade shows and conferences. Nevertheless, Key3Media said it planned to hold all of its scheduled events for the year.
Under the proposed reorganization plan, Thomas Weisel Capital Partners will own 99 percent of the re-capitalized company. General unsecured creditors and bondholders will own the remaining 1 percent, with the right to buy up to an additional 10 percent of the equity. TWCP owned 68 percent of Key3Media's bank debt and 38 percent of its bonds.