Sale of Standard Register's Assets to Taylor Corp. Expected to Close on Friday
DAYTON, Ohio—July 29, 2015—According to documents filed Tuesday in U.S. Bankruptcy Court in Wilmington, Delaware, the sale of Standard Register's assets to Taylor Corp. is expected to close on or before Friday, reported the Dayton Daily News.
On Tuesday, Standard Register filed a motion to change its corporate and business names to SRC Liquidation Co., which falls in line with the asset purchase agreement that was made between the two firms. A hearing on the motion is scheduled for Aug.18.
According to the Daily News, the court approved Standard Register's request earlier this month to extend the period to file its Chapter 11 bankruptcy plan by an additional 90 days. Standard Register’s 120-day period to propose and file a plan was set to expire July 10, and the company’s period to solicit acceptance of that plan would expire Sept. 8.
The paper said that the court extended the plan period through Oct. 8 and the solicitation period through Dec. 7. If this had been denied, any party with an interest could have filed a competing Chapter 11, causing considerable harm to Standard Register’s efforts to preserve and maximize the value of its estates, according to documents.
On March 12, Standard Register filed for Chapter 11 bankruptcy protection. The company was founded in 1912, and ranked ninth on the 2014 Printing Impressions 400 with sales of $719.78 million.
In June, North Mankato, Minnesota-based Taylor Corp. was named the winning bidder for Standard Register in a bankruptcy auction, topping Silver Point Capital with a negotiated bid of $307 million. Silver Point Capital is a Standard Register stakeholder.