Summit Business Media Completes Exit from Restructuring
Moves Ahead on Implementation of Growth Strategy Focused on Product Innovation That Builds on Strong Brands and Franchises
NEW YORK, May 20, 2011 /PRNewswire/ -- Summit Business Media ("Summit"), a leading business-to-business media company, today announced that it has emerged from bankruptcy following approval of its "pre-arranged" plan of reorganization from the United States Bankruptcy Court for the District of Delaware. As a result, Summit has eliminated more than $140 million of long-term debt from its balance sheet, creating more financial flexibility to focus on the implementation of its growth strategy.
"Summit emerges from this restructuring a leaner, more-focused and better-capitalized company," said Andrew Goodenough, Summit's President & CEO. "We are pleased to conclude this five-month process so that management, our board and our 400 associates can continue to focus on implementation of Summit's growth strategy."
Goodenough added, "We are very focused on new product development and ways to meet the evolving needs of our customers. Product innovation allows us to leverage our strong brands and valuable franchises across the insurance, financial and professional services markets."
About Summit Business Media
Summit Business Media is the leading B2B media and information company serving the insurance, financial services, legal and investment advisory markets. Summit strives to be "The Next Generation of Business Information" for executives and practitioners by providing breaking news and analysis, in-depth practice management strategies, business-building techniques and actionable data. Summit services the information needs of its customers through numerous channels, including digital, print, and live events. Summit publishes 16 magazines and 150 reference titles, operates 20 websites and hosts a dozen conferences, including the world's largest mining investment conference in South Africa. Summit's Data division provides financial data on 6,000 insurance companies and detail on nearly one million health and benefits plans in the U.S.
Summit employs 400 employees in eleven offices across the United States. For more information, please visit summitbusinessmedia.com.
SOURCE Summit Business Media
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