LSC Communications Receives Court Approval for Sale to Atlas Holdings and Supporting Creditors
October 1, 2020
CHICAGO (News release) -- LSC Communications, Inc. announced that the U.S. Bankruptcy Court for the Southern District of New York (the "Court") has approved its previously announced stock and asset purchase agreement, under which an affiliate of Atlas Holdings LLC ("Atlas"") with the support of certain of LSC's secured creditors (the "Creditor Group"), will acquire substantially all of the Company's assets.
"With the Court's approval of the sale, we are able to move forward with this value-maximizing transaction that represents the best path forward for all LSC stakeholders," said Thomas J. Quinlan III, LSC Communications' Chairman, President and Chief Executive Officer. "We are confident that through this partnership with Atlas, LSC will be uniquely well-positioned to strengthen and grow our market-leading position and provide our customers with the same high standards of quality, reliability and innovation. On behalf of the LSC Board and management team, I would like to sincerely thank all of our employees for their hard work and dedication throughout this process."
The transaction remains subject to customary closing conditions, including regulatory approvals. The transaction is expected to close during the fourth quarter of 2020.