Troubled commercial printer American Color Graphics has filed for bankruptcy protection as part of its plan to sell to a Maryland competitor. The Brentwood-based company also said it has secured a commitment from Bank of America for $135 million in debtor-in-possession financing.
“This financing should assure our suppliers and customers that we have more than adequate financial resources to continue operating in the ordinary course of business during the Chapter 11 proceedings,” said Chairman and CEO Steve Dyott.
In connection with its Chapter 11 filing, American Color said the vast majority of its bondholders have voted in favor of its reorganization plan. Its deal to combine with Vertis Communications is expected to close in about two months.
For the company’s full statement about today’s filing, click here.
Williamson County |
Brentwood |
Vertis Communications Inc. |
American Color Graphics Inc. |
Stephen M. Dyott |
Make and Buy
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