Master Graphics Inc., Memphis, TN, filed for Chapter 11 bankruptcy. The producer of commercial printing products hopes to restructure the company’s $205 million debt.
The filing was in U.S. Bankruptcy Court, Wilmington, DE. The debt was incurred by not integrating Master Graphics’ 18 operating units, many of which were acquired over the past three years.
Restructuring plans includes a plan to convert bond debt into equity in the reorganized company; a program of stock grants and other employee incentives to compensate continuing management and key employees going forward; and deal with its pre-petition lenders — General Electric Capital Corp., among others — to provide the liquid assets necessary to operate the business while negotiations proceed.
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