We use cookies on this site to enable your digital experience. By continuing to use this site, you are agreeing to our cookie policy. close

Summit Media Ch. 11 Plan Aims To Cut Debt In Half

Law360 (February 2, 2011, 4:52 PM EST) -- 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...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.