WorkflowOne Parent Files Chapter 11 Bankruptcy
DAYTON, OH—WF Capital Holdings (WF Capital), the parent company of Workflow Management, which operates principally through its division WorkflowOne, announced that it filed voluntary petitions for reorganization under Chapter 11 of the U.S. Bankruptcy Code. WF Capital said it also filed a proposed plan of reorganization that provides for full payment to all creditors and the continuation of WorkflowOne’s business in the normal course. It said that it will work expeditiously with its stakeholders to finalize, obtain court approval for and implement the plan of reorganization.
WorkflowOne expects to maintain normal business operations during the Chapter 11 process. The company says it has adequate cash flow to conduct business as usual. WorkflowOne anticipates maintaining all customer programs and guarantees. It plans to make timely payment for goods and services provided on or after the filing date in the normal course of business and in accordance with the terms of existing supplier agreements. It is anticipated that employees will be paid in the normal manner, and all health and welfare benefit plans will continue.
"(These) actions are an important step forward in the ongoing transformation of our company," noted Dave Davis, CEO of Workflow Management. "We are using this legal process for the narrow purpose of restructuring our balance sheet, and it should be virtually seamless to customers, suppliers and employees. WorkflowOne is open for business and serving customers as usual.
"The company has accomplished a lot during the past year and a half by realigning the organization to deliver better value to customers, improving the quality of operations and working capital management, increasing supply chain efficiency and enhancing customer service. The finalization and implementation of the debt restructuring plan will provide the financial flexibility to operate more efficiently and position WorkflowOne to compete more effectively in the changing market environment."