New York—Summit Business Media, which publishes National Underwriter Property & Casualty, said its reorganization plan has been approved by the U.S Bankruptcy Court for the District of Delaware. Summit said it expects to emerge from bankruptcy protection this month.
The capital restructuring of the company, which was initially announced in January, will eliminate about $140 million in debt from Summit's balance sheet. “Summit emerges from this restructuring process in much stronger financial shape,” Andrew Goodenough, Summit's president-CEO, said in a statement. “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 is not alone in the b-to-b media industry in undergoing capital restructuring. Advanstar Communications, Cygnus Business Media, Penton Media and Questex Media have restructured debt within the past two years. Standard & Poor's recently downgraded Hanley Wood's $423.4 million in debt from CCC to CCC- on covenant and liquidity concerns at the construction industry media company.
Summit Business Media is not affiliated with Chicago-based Summit Media Group, publisher of Packaging World.