Standard Register Files for Bankruptcy

A company with Toccoa connections files for Chapter 11 bankruptcy.

Standard Register recently announced that it and its subsidiaries have filed voluntary petitions under Chapter 11 in the U.S. Bankruptcy Court in the district of Delaware.

Also, the Dayton, Ohio-based company announced that it is pursuing a sale process and has entered into an acquisition agreement with an affiliate of Silver Point Capital, L.P.

The company said that under the agreement proposed and submitted to Bankruptcy Court, Standard Register’s assets will be sold for approximately $275 million plus the assumption of certain other liabilities through a Court-supervised auction process.

Standard Register said it has also reached a financing agreement to provide it with ample money to facilitate the sale process and continue funding operations.

On its website, Standard Register said it expects to conduct business as usual and normal business operations with no disruption of service to customers.

Standard Register President and CEO Joseph P. Morgan, Jr. said the company’s Board and management team have conducted a rigorous assessment of all of its strategic options and believe this process represents the best possible solution for Standard Register.

Morgan went on to say the company is grateful for the support of its lenders and has sufficient financing to fund operations as it completes a process that should result in greater flexibility for investment in the future, adding that the company is thankful for its dedicated employees who continue to work diligently to deliver value and a high level of customer service.

Standard Register said it expects the Chapter 11 reorganization and Court-supervised auction process to take 90 to 120 days.