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LSC COMMUNICATIONS TAKES ACTION TO STRENGTHEN ITS LIQUIDITY AND IMPROVE ITS CAPITAL STRUCTURE

CONTINUING TO OPERATE SAFELY AND EFFICIENTLY AND COMMITTED TO SERVING CLIENTS WITH THE SAME HIGH STANDARDS OF QUALITY AND RELIABILITY

On April 13, 2020, LSC Communications, Inc. voluntarily filed for business reorganization under Chapter 11 of the U.S. Bankruptcy Code. Following a comprehensive review, we determined to pursue a restructuring through a voluntary process as we continue to work with our lenders to best position our business for the future.

LSC has sufficient liquidity to continue operating our business safely and efficiently, and we remain committed to serving our clients with the same high standards of quality and reliability they expect. We have received commitments for $100 million in new financing from certain of our revolving lenders, subject to the satisfaction of certain closing conditions. Following court approval, this financing, combined with cash on hand and generated through our ongoing operations, is expected to be sufficient to support the Company’s operational and restructuring needs.

Notably, the support we are receiving from our lenders through this process will help the Company to manage through these unprecedented near-term challenges presented by COVID-19 as well as position LSC for the future.The LSC Board and management team look forward to strengthening our business through this process.

LSC’s subsidiaries in Mexico and Canada are not included in the court proceedings and will continue to operate in the normal course.