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Feb 28, 2011 12:00 AM
WF Capital Holdings, Inc. (WF Capital), the parent company of Workflow Management, Inc., which operates principally through its division WorkflowOne announces the U.S. Bankruptcy Court for the Eastern District of Virginia, Norfolk Division, has entered an order formally confirming its plan of reorganization, positioning WorkflowOne to complete its restructuring and emerge from Chapter 11 on or about March 2, 2011.
WorkflowOne is one of the largest providers of print management, marketing and distribution services in North America. The completion of the financial restructuring is a major component of its ongoing transformation.
"We are very pleased to have reached this milestone bringing us closer to emergence from the Chapter 11 process," says Dave Davis, CEO of Workflow Management. "With our new capital structure, WorkflowOne will emerge in a much stronger position financially. We have significantly deleveraged our balance sheet, streamlined our operations, and continued to reduce costs. Our strengthened financial position gives us added flexibility to invest in our business and provide innovative solutions to our customers.”
Under the Plan, the Company's total debt will be reduced by approximately $149 million, and its cash debt service will be reduced by approximately $50 million annually. The new capital structure provides material relief through lower amortization and cash interest payments, positioning WorkflowOne to invest in its future for the benefit of its customers.