Summit Business Media has filed for Chapter 11 bankruptcy protection, reports minonline.
The company says it expects “normal operations” to continue while it works through the proceedings, which should take less than six months.
In a statement, Summit president and CEO Andrew Goodenough said, “While Summit has emerged from the downturn as a smaller but healthier company, we have too much debt to support our current business operations, left over from when Summit was a larger, acquisition-oriented company. We view this reorganization process as the last step in a two-year strategic refocusing of Summit on our core markets.”
Since 2008, Summit, which publishes titles in the insurance, mining, and financial services markets, had reduced its staff from 500 to about 350; that’s now back up around 400, Goodenough told minonline.