Taking a page out of AMI’s book, Summit Business Media secured approval for a debt restructuring plan from 83 percent of its lenders and then proceeded to file for Chapter 11 bankruptcy today. minOnline reports that Summit will cut their current debt total in half — a $135 million effort — and climb out from bankruptcy around June. Summit will continue to pay their staff of nearly 400 employees their typical wages and provide benefits while continuing to meet business requirements to vendors.
Summit president and CEO Andrew Goodenough believes the company will emerge stronger following bankruptcy process.
While Summit has emerged from the downturn as a smaller but healthier company, we have too much debt to support our current business operations, left over from when Summit was a larger, acquisition-oriented company. We view this reorganization process as the last step in a two-year strategic refocusing of Summit on our core markets.
Summit’s four major departments are media, events, reference, and data. Their media wing publishes titles including American Agent & Broker magazine, Futures and InsideCounsel.