UPDATE 1-Penton Media to cut debt under pre-packaged Ch. 11

* Reaches deal with lenders to cut $270 mln debt

* To file "pre-packaged" Ch. 11 in the next few days

* Seeks to emerge from bankruptcy in 30 to 45 days

* Says no changes to management

Feb 9 (Reuters) - Penton Media Inc [PTON.UL] said it would file for pre-packaged Chapter 11 bankruptcy to cut its debt by $270 million.

The publisher of trade magazines and industry-specific web sites said in a statement that it would file for bankruptcy in the next few days.

In a pre-packaged bankruptcy filing, a company negotiates a restructuring plan outside of Chapter 11 and allows its creditors to vote on the plan prior to the bankruptcy filing. This accelerates the process in court.

"The company expects that it will finalize the capital restructuring and emerge from Chapter 11 within 30 to 45 days," Penton said.

Penton said there will be no changes to its management or change in control of the company and that it intends to operate its business as usual throughout the restructuring.

"The restructuring agreement also provides for an extension of the maturity on the company's senior secured credit facility through 2014," Penton said.

It added that certain existing shareholders agreed to make a "significant" new investment in the company.

According to Penton's website, the company was founded by John Penton in 1892 and employs about 1,300 people across the United States. (Reporting by Santosh Nadgir in Bangalore; Editing by Anne Pallivathuckal)