LSC COMMUNICATIONS ANNOUNCES SALE TO ATLAS HOLDINGS AND SUPPORTING CREDITORS
COMPANY EXPECTS TO EXIT CHAPTER 11 WITH IMPROVED BALANCE SHEET AND SUSTAINABLE COST STRUCTURE
CONTINUING TO SERVE CUSTOMERS WITH THE SAME HIGH STANDARDS OF QUALITY, RELIABILITY AND INNOVATION
On September 15, 2020, LSC Communications, Inc. announced that, as the result of a robust and competitive sale process, we have entered into a stock and asset purchase agreement (the “Purchase Agreement”), under which an affiliate of Atlas Holdings (“Atlas”), with the support of certain of LSC’s secured creditors (the “Creditor Group”), will acquire LSC, including our operations in Mexico and Canada.
We are pleased to have reached this agreement, which we believe represents the best path forward for LSC. Importantly, with the support of Atlas and the Creditor Group, following the closing of the transaction, we will continue serving our customers with the same high standards of quality, reliability and innovation they expect. Through this transaction, we will be able to move forward with an improved balance sheet and a more sustainable capital structure, enabling LSC to continue investing in our business and building on our strong foundation as a leader in print, mailing and distribution, and office products. We look forward to partnering with Atlas in the weeks ahead to achieve a smooth sale process for our employees, customers and other stakeholders.
The transaction is subject to Bankruptcy Court approval and other customary closing conditions, including regulatory approvals. The closing of the transaction is expected to occur during the fourth quarter of 2020.