Summit Business Media Declares Bankruptcy

Taking a page out of AMI’s book, Summit Business Media secured approval for a debt restructuring plan from 83 percent of its lenders and then proceeded to file for Chapter 11 bankruptcy today.  minOnline reports that Summit will cut their current debt total in half — a $135 million effort — and climb out from bankruptcy around June.  Summit will continue to pay their staff of nearly 400 employees their typical wages and provide benefits while continuing to meet business requirements to vendors.

Summit