LSC Communications announces sale to Atlas Holdings, supporting creditors

LSC Communications said in a release, "LSC Communications announced that the Company has entered into a stock and asset purchase agreement with an affiliate of Atlas Holdings LLC with the support of certain of LSC's secured creditors. Under the terms of the Purchase Agreement, Atlas Holdings will acquire substantially all of the Company'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 Creditor Group. The Purchaser will also assume certain liabilities of the Company, including, subject to certain prerequisite conditions being satisfied, obligations related to the Company's qualified pension plan. Under the Purchase Agreement, the Purchaser will receive certain deal protections as previously authorized by the U.S. Bankruptcy Court for the Southern District of New York. The transaction is subject to Court approval and to other customary closing conditions, including regulatory approvals. The transaction is expected to close during the fourth quarter of 2020."