Hess Print Solutions Assets Acquired by Bang Printing
Brimfield, OH—Hess Print Solutions and its subsidiaries (HPS), a print provider of catalogs, books, publications and educational products, announced that HPS has entered into an agreement to sell substantially all of its assets to an affiliate of Bang Printing.
To facilitate the sale of assets, HPS has commenced a prepackaged voluntary Chapter 11 proceeding in the United States Bankruptcy Court for the District of Delaware. HPS has obtained debtor-in-possession financing with certain of its existing secured lenders, which, along with the company's cash flow, is expected to provide the working capital necessary to meet its ongoing obligations while the company pursues approval of the sale.
HPS has filed a number of motions with the court requesting authority to keep the business operating as usual. The immediate relief being requested includes a request to pay all wages, salaries and commissions, as well as honor the employee benefits programs, and to continue existing customer programs.
Bang Printing has more than 100 years of experience in the book and commercial printing industry. The firm's corporate offices are located in Brainerd, MN, and has facilities in both Minnesota and California. It offers complete printing, binding and fulfillment services.