Standard Register Files for Bankruptcy
Standard Register Co., Dayton, Ohio, filed for Chapter 11 bankruptcy, the company announced today.
The company also has entered into a $275 million acquisition agreement with private investment firm Silver Point Capital L.P. today. Standard Register believes this will "'right-size the business' balance sheet by significantly reducing its outstanding indebtedness and other liabilities to better position the business for long-term growth and profitability in the hands of a capable buyer," according to a company press release.
“Standard Register has a fundamentally stable underlying business with a large, diverse customer base and a strong portfolio of solutions that include integrated communications, product marking and decoration (labels), document management, promotional marketing and technology/professional services, but our ability to invest in growth has been hampered by our debt structure and legacy liabilities,” said Joseph P. Morgan, Jr., president and CEO.
“In response to the traditional print market decline, Standard Register repositioned itself as a market focused integrated communications provider where today, the majority of both revenue and profit are being derived.”
Check back with next week's edition of The Press for more information on this developing story.