Summit Media Enters Ch. 11 With Lenders' Blessing

Law360, New York (January 26, 2011, 2:11 PM EST) -- Business-to-business media company Summit Business Media Holding Co. has embarked on a financial restructuring through Chapter 11 bankruptcy, saying 83 percent of its lenders have already agreed to a reorganization plan.

The company, which said the plan would cut its debt in half by $135 million, reached an agreement with its lenders prior to filing its bankruptcy petition in the U.S. Bankruptcy Court for the District of Delaware on Tuesday. Assets and liabilities were both listed as between $100 million and $500 million.

The company's businesses...
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