Summit Business Media to Emerge From Bankruptcy
Erlanger, Ky.-based b-to-b publisher Summit Business Media, which filed for bankruptcy protection in January, has announced approval of a capital restructuring plan designed to eliminate more than $140 million in long-term debt.
The plan involves a debt for equity swap, Summit President & CEO Andrew Goodenough told Publishing Executive. "Upon emergence banks will own 90 [percent] of the equity," he said. Summit expects to emerge from bankruptcy in about two weeks, according to a company press release.
"Summit emerges from this restructuring process in much stronger financial shape," Goodenough said in the press release. "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."
Summit's pre-packaged bankruptcy filing did not affect operations or shorter-term strategic goals. Since January, the company has launched several products including, in March, Benefitspro.com, a news and opinion website aimed at benefits brokers, HR managers and retirement advisors. Part of a planned rollout of a number of sites targeting specific industries, BenefitsPro launched on the heels of PropertyCasualty360.com in January and AdvisorOne.com last October.