LSC Communications Prepares Bankruptcy Filing As Shareholder Revolts

Weeks after issuing an earnings that report that revealed the company lost $295 million last year, publication printer LSC Communications is preparing to file for Chapter 11 bankruptcy, Bloomberg reports, citing "people with knowledge of the plans." The news comes less than a year after the company called off a proposed merger with its chief competitor, Quad/Graphics, following a Justice Department challenge on antitrust grounds. Since then, LSC, the nation's largest book printer in terms of market share, has looked to reduce its position in magazine and catalog printing, closing or planning to close eight manufacturing plants in order to narrow its focus on its books business. Quad/Graphics, meanwhile, has been moving in the opposite direction, as the pseudonymous writer D. Eadward Tree points out, seemingly creating two separate lanes in which the companies can maintain dominant positions unimpeded. More immediately concerning for LSC is the need to reconcile its $893 million in debt against diminishing revenues, which declined 17% year-over-year in the fourth quarter of 2019 to $778 million. Concurrent with the earnings report on March 2, LSC announced that as of December 31, 2019, it fell into noncompliance with its financial covenants, essentially in danger of defaulting on its loans because its debt-to-equity ratio now exceeds the maximum level permitted in its agreements with lenders. The company says it's reached a forbearance agreement with its lenders,... Continue reading at 'Folio Magazine'

[ Folio Magazine | 2020-03-25 18:34:08 UTC ]
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[ The Bookseller | 2013-10-28 00:00:00 UTC ]
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Editorial: How Far Are We Prepared to Go?

Ed Nawotka reflects on the pace of innovation in media, and whether book publishers should continue on their path to create more apps and digital products. Continue reading at Publishing Perspectives

[ Publishing Perspectives | 2013-10-10 00:00:00 UTC ]
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Apple Files Expected Appeal of E-Book Injunction

"Apple also hereby appeals from any and all orders and rulings that were adverse to it." Continue reading at AllThingsD

[ AllThingsD | 2013-10-05 00:00:00 UTC ]
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Google patent filing describes tailored online book clubs, minus the wine

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[ Engadget | 2013-09-19 00:00:00 UTC ]
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Len Riggio Addresses B&N Annual Shareholders Meeting

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[ Publishers Weekly | 2013-09-10 00:00:00 UTC ]
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Emerging from Bankruptcy, Kodak Looks to Future

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[ Publishers Weekly | 2013-09-05 00:00:00 UTC ]
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[ Engadget | 2013-08-30 00:00:00 UTC ]
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Xobni's Jeff Bonforte Officially Running Yahoo's Communications Products

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[ AllThingsD | 2013-08-28 00:00:00 UTC ]
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William T. Vollmann, Unabomber suspect, opens his FBI file

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[ Los Angeles Times | 2013-08-22 00:00:00 UTC ]
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[ The Bookseller | 2013-08-15 00:00:00 UTC ]
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Bob Carrigan Steps Down as IDG Communications CEO

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[ Folio Magazine | 2013-08-06 00:00:00 UTC ]
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[ The Bookseller | 2013-07-03 00:00:00 UTC ]
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[ Folio Magazine | 2013-07-01 00:00:00 UTC ]
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[ AllThingsD | 2013-05-15 00:00:00 UTC ]
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[ Editor & Publisher | 2013-03-08 00:00:00 UTC ]
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