ACG Seeks to Extend Credit, Hunt for Buyer
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NASHVILLE, TN—American Color Graphics (ACG) has begun a consent solicitation requesting holders of at least 90 percent of the principal amount of its 10 percent Senior Second Secured Notes due 2010 to defer to March 15, 2008, the semi-annual payment of cash interest on the notes that is currently due on December 15, 2007.
ACG also negotiated a proposed amendment and waiver that would, among other things, provide a $5 million term loan to the company.
Stephen M. Dyott, CEO, said the measures will improve ACG’s liquidity and give it more time to pursue strategic options with its stakeholders and interested buyers. ACG is reportedly still in negotiations with Vertis Communications.