Multi-Color Corporation (MCC) has successfully completed the company’s financial restructuring process and emergence from its prepackaged Chapter 11 process.
The company’s prepackaged restructuring reduced net debt by approximately USD 3.8 billion, reduced annualized cash interest expense by more than USD 330 million, and extended long-term debt maturities to 2033. More than 99% of voting stakeholders voted to accept MCC’s plan of reorganization. Upon emergence, MCC also received a significant USD 889 million new common and preferred equity investment from CD&R and a group of MCC’s existing secured lenders to support MCC’s long-term growth and investment.
“Today marks a significant milestone for MCC, as well as our customers, teammates, and partners who have supported us throughout this process,” said Hassan Rmaile, president and chief executive officer of MCC. “Over the last several months, we continued to diligently serve and win clients, sharpened our operations, and now – with a significantly stronger balance sheet – we have the financial foundation needed to accelerate investing in the capabilities that make us the global partner of choice for innovative, premium labeling solutions across verticals. We enter this next chapter focused on driving profitable growth, ramping operational excellence, and investing in our people and culture as we work to deliver sustainable long-term value for all stakeholders.”
With the financial restructuring completed, CD&R remains MCC’s majority owner. CD&R is joined by a certain number of MCC’s existing lenders as minority equity holders.