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LSC Communications Announces Sale to Atlas Holdings
- Client News
- September 15, 2020
Paul, Weiss is representing an ad hoc group of noteholders of LSC Communications in LSC’s stock-and-asset purchase agreement with an affiliate of Atlas Holdings LLC, a Connecticut-based private investment & equity firm. Under the terms of the agreement, announced September 15, Atlas will acquire substantially all of LSC’s assets through a combination of cash and a credit bid of obligations under the company’s secured term loan facility and senior secured notes, at the direction of the creditors. Atlas will also assume certain liabilities of the company, including, subject to certain prerequisite conditions being satisfied, obligations related to LSC’s qualified pension plan.
LSC, a Chicago-based provider of traditional and digital print products, filed for chapter 11 protection on April 13 in U.S. Bankruptcy Court for the Southern District of New York. The company expects to exit Chapter 11 with an improved balance sheet and a more sustainable capital structure. The transaction is expected to close during the fourth quarter of 2020, subject to court and regulatory approvals and other customary closing conditions.
The Paul, Weiss team includes restructuring partners Andrew Rosenberg and Alice Eaton and counsel Claudia Tobler; corporate partners Michael Vogel, Austin Witt and David Huntington; employee benefits partner Andrew Gaines and counsel Uri Horowitz; tax partner David Mayo; intellectual property partner Claudine Meredith-Goujon; real estate partner Salvatore Gogliormella; litigation counsel Steven Herzog; antitrust counsel Marta Kelly; and environmental counsel William O'Brien.