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Champion Industries Defaults on Debt

March 29, 2013
HUNTINGTON, WV—Champion Industries has defaulted on its debt after failing to comply with a cash flow covenant, The Deal Pipeline reported. The company received a notice of default from its lenders, led by administrative agent Fifth Third Bank on Monday.

Champion Industries is using investment banking firm Raymond James & Associates on a restructuring or refinancing of the existing debt and other transaction alternatives, The Deal Pipeline reported, citing a Champion filing with the Securities and Exchange Commission. The printer is also working with its chief restructuring adviser at RAS Management Advisors.

Besides Fifth Third Bank, other Champion Industries lenders include Huntington National Bank, Suntrust Bank, Old National Bank, United Bank and Summit Community Bank.

The company's debt contains covenants requiring it to maintain certain financial ratios, according to the SEC filing, and Champion reportedly failed to comply with the minimum EBITDA covenant under its debt.

 

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