Judge Advances Summit Media Ch. 11 Plan

Law360, Wilmington (May 5, 2011, 7:28 PM EDT) -- A Delaware bankruptcy judge on Thursday signed off on Summit Business Media Holding Co.’s reorganization plan, which will slash the company’s debt load by more than half to $110 million and hand ownership to lenders.

Squeezed by the recession and the shift to online media, the business-to-business publisher defaulted on various credit agreements and filed for Chapter 11 on Jan. 25 with a plan in hand. The company vaulted through the process in four months with few hiccups.

“This case was so fast I almost forgot...
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