Workflow Management Considers Refinancing Options
PALM BEACH, FL—Workflow Management executives are currently exploring their refinancing options in light of concern from the company’s auditors that it will not be able to meet its December 31 deadline for repaying $50 million in bank debt. Company officials are said to be exploring several options that include refinancing, restructuring and even the outright sale of the company.
“We are actively working with our financial advisors to strengthen and stabilize our capital structure,” says Gary W. Ampulski, CEO, adding that they have received several third-party inquiries regarding the company.
“Our lenders are fully supportive of the decision of our board of directors to pursue various refinancing and other strategic alternatives. I am confident that our lenders will cooperate with us during this process so that we will have the flexibility to achieve a solution that benefits all of the company’s stakeholders,” he adds.
Still despite debt woes and the incursion of a “significant” restructuring charge, COO Michael Schmicke reports that the company’s 2003 fiscal performance has improved. “We are pleased with the operating performance of the company for fiscal 2003, which has met or exceeded published analyst expectations,” he reveals.
Schmicke blames much of Workflow Management’s woes on a sluggish economy, weakness in the printing industry, uncertainty surrounding the company’s capital structure and changes in executive management.
Workflow also announced that Thomas B. D’Agostino Jr. has resigned from the board of directors. D’Agostino is the former CEO. He stepped down earlier this year and was later replaced by Ampulski.