New IGI announces restructuring completion
Friday, April 01, 2011
Press release from the issuing company
South Plainfield, NJ - IGI Corporation announces completion of the restructuring of the balance sheet of International Graphics, Inc. and its subsidiaries. The Company's secured creditors are the new owners of IGI Corp., parent of RTape Corporation and CET Films Corporation, having completed a UCC Article 9 sale of the assets of International Graphics, Inc. and its subsidiaries.
Hugh Wilder, Managing Director of Churchill Financial LLC, agent for the secured creditors, commented, "The secured lenders are pleased to have acquired all of the assets of the former International Graphics, Inc. The Company's management team has done an outstanding job in growing both revenue and income. Over the past eighteen months we have formed a close working relationship, and we look forward to partnering with the team as they continue to execute their growth plans".
Bud Philbrook, President and CEO of IGI Corp., stated, "For a number of months, the leadership of International Graphics, Inc. has been working closely with its secured creditors to restructure the Company's balance sheet. The Company's goals from day one have been:
i. to deleverage the Company's balance sheet,
ii. to decrease the amount of cash required annually to service the Company's debt, and
iii. to ensure a level of liquidity adequate to fund the Company's growth plans.
We are very pleased to announce that the Company and its secured creditors have reached agreement on a new capital structure, which fully accomplishes all three goals. Supported by the new capital structure, we look forward to a very rewarding and exciting period in the Company's history."
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