Summit Business Media has filed for bankruptcy protection and debt reorganization. The debt restructuring, which is expected to be completed by the first quarter of 2011, will reduce Summit’s outstanding debt by about $135 million. The company will use its bank balances, currently in excess of $10 million in cash, and cash flow from its operations to meet its working capital needs throughout the reorganization process. Summit’s lenders will provide a debtor-in-possession (DIP) credit facility of $5 million for the company’s additional working capital needs during the restructuring. Lincoln International has been appointed as the financial advisor to Summit for the restructuring.
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