Summit Business Media had its pre-arranged reorganization plan confirmed in the U.S. Bankruptcy Court for the District of Delaware and that the company will emerge from the bankruptcy process in two weeks after eliminating $140 in debt. The B2B publisher declared bankruptcy on Jan. 25. At that point, it was majority-owned by Wind Point Partners.
New York, May 6, 2011– Summit Business Media (“Summit”),a leading business-to-business media company, announced that late yesterday it received confirmation of its “pre-arranged” plan of reorganization from the United States Bankruptcy Court for the District of Delaware. The Court’s approval allows Summit to implement its capital restructuring, originally announced on January 25 when it filed for bankruptcy, to eliminate more than $140 million of long-term debt from its balance sheet. Summit expects that it will consummate the plan and emerge from bankruptcy in approximately two weeks.
“Summit emerges from this restructuring process in much stronger financial shape,” said Andrew Goodenough, Summit’s President & CEO. “Going forward, the implementation of the restructuring plan will allow Summit to continue to grow our valuable franchises across the insurance, financial and professional services markets.”
During the bankruptcy, Summit continued to improve operations, and made several product launches and enhancements, including the official launch of BenefitsPro.com, the most comprehensive source of news and opinion to help benefits brokers, HR managers and retirement advisors. As a result, the Company is positioned for growth, not only because of a strengthened capital structure, but also because of its expanded portfolio of value-added customer solutions.
“While the challenges of this process were real, emerging in under four months without so much as a contested hearing is a testament to the hard work put in over the last few years by our management team, our advisors and our lenders,” Goodenough said. “I would also like to thank our customers and vendors for their understanding and continued support during this uncertain period. Finally, I want to personally thank our 400 employees for their dedication and hard work during this process.”
About Summit Business Media
Summit Business Media is the leading B2B media and information company serving the insurance, financial services, legal and investment advisorymarkets. Summit strives to be “The Next Generation of Business Information” for executives and practitioners by providing breaking news and analysis, in-depth practice management strategies, business-building techniques and actionable data. Summit services the information needs of its customers through numerous channels, including digital, print, and live events. For more information, please visit summitbusinessmedia.com.
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