Summit Media Creditors To Vote On Ch. 11 Plan

Law360 (March 28, 2011, 6:50 PM EDT) -- Summit Business Media Holding Co. received bankruptcy court approval Monday for its disclosure statement, clearing the way for the struggling business-to-business media company to send its reorganization plan to creditors for a vote.

Judge Peter J. Walsh signed off on the disclosure statement at a hearing in the U.S. Bankruptcy Court for the District of Delaware and set a May 5 date to consider confirmation of the plan, which aims to cut Summit’s $252 million debt load by more than half, to $110 million.

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