Law360, New York (February 02, 2011, 4:52 PM ET) -- Business-to-business media company Summit Business Media Holding Co. has filed a blueprint for reorganization it says will allow it to slash its prepetition debt in half, by about $140 million, and give creditors a majority stake in the reorganized company.
Under the terms of the proposed plan, filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware, the company will convert $188.6 million of senior secured first-lien debt into a $110 million term loan facility and give creditors 89.4 percent of the reorganized debtor...
Summit Media Ch. 11 Plan Aims To Cut Debt In Half
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