Summit Business Media expects to emerge from bankruptcy in two weeks

By Caroline Salls

Pittsburgh, May 6 - Summit Business Media expects to emerge from Chapter 11 bankruptcy in about two weeks, according to a company news release.

As previously reported, the company's plan of reorganization was confirmed on Thursday by the U.S. Bankruptcy Court for the District of Delaware.

Summit said the plan will eliminate more than $140 million of long-term debt from its balance sheet.

"Summit emerges from this restructuring process in much stronger financial shape," president and chief executive officer Andrew Goodenough said in the 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."

During the bankruptcy, Summit said it continued to improve operations and made several product launches and enhancements.

As a result, the company said it 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 advisers and our lenders," Goodenough said in the release.

Summit, a Seven Hills, Ohio, business-to-business media company, filed for bankruptcy on Jan. 25. The Chapter 11 case number is 11-10231.

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