Workflow Management hires financial advisor

New York, Aug. 16 - Workflow Management, Inc. said it hired Jefferies & Co., Inc. as its financial and strategic advisor.

The Palm Beach, Fla. printed products company also said it has agreed with its bank lenders an extension of the waiver of covenant faults on its credit facility until Oct. 15 while it considers financial and strategic alternatives.

Workflow Management also said it is no longer actively pursuing a private placement of senior secured notes due to "unfavorable market conditions." It added that if conditions improve it may elect to revive the deal. The high-yield market heard on July 12 the deal was postponed.

The covenant waiver extends a previously announced waiver. As part of the agreement, existing borrowings will bear interest at 12%.Workflow also previously announced an agreement with its lenders for a new credit facility with interest at 12% to provide access to working capital based on a borrowing base formula.

Friday the company said it is holding further discussions and negotiations with the secured lenders.

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