Bankruptcy Court Approves Summit Media Rescue Plan

A court has approved a plan of reorganization for Summit Business Media Holding Co., parent of The National Underwriter Co. and other publications, which filed for bankruptcy protection in January when it was $252 million in debt.

Overall the plan cuts $140 million of the firm’s debt.

The plan approved by the United States Bankruptcy Court for the District of Delaware is basically what Summit proposed when it filed for bankruptcy. At that time, the plan had already been accepted by more than 80 percent of its lenders. The plan addresses the debt as follows:

Summit got into trouble after completing more than a half dozen acquisitions in 2006 and 2007. Its digital revenues have also failed to keep up with falling print advertising and event revenues. From 2008 to 2009, the company’s print revenue decreased by 33 percent and event revenue fell by 15 percent, while electronic revenue increased by only 3 percent.

Under the terms of the restructuring, four new directors have been named. Andrew Goodenough remains president and CEO. Charles McCurdy, CEO of Apprise Media, is now chairman of the board for Summit.

Summit has continued to operate during the bankruptcy proceeding with the help of a $5 million credit line.

Summit’s property/casualty properties include American Agent and Broker magazine, The National Underwriter, Claims, Florida Underwriter and the Web site

Wells Publishing, publisher of Insurance Journal magazine,, and, is a competitor of Summit in the property/casualty publishing field.