Standard Register files for Chapter 11 reorganization
Standard Register is filing for a Chapter 11 bankruptcy reorganization, and the printing and communications consultant says it has lined up a sale to Silver Point Capital.
Standard says It has filed in bankruptcy court a proposed deal in which its assets will be sold for about $275 million plus the assumption of some liabilities through a court-supervised auction process.
Standard Register Co. says the sale will help cut its debt and leave it better positioned for growth. It has lined up $155 million in financing for the sale process and to fund operations.
The Dayton, Ohio, company's stock has been delisted from the New York Stock Exchange. Shares trading on an over-the-counter market lost more than 80 percent of their value Thursday morning and fell to around 13 cents.