LSC Communications seeks extension of exclusive solicitation period

By Sarah Lizee

Olympia, Wash., Jan. 14 – LSC Communications, Inc. is seeking a 30-day extension of its exclusive period to solicit votes on a Chapter 11 plan through March 5, according to a motion filed Wednesday with the U.S. Bankruptcy Court for the Southern District of New York.

The company said that it was previously on track to achieve a confirmation of a Chapter 11 plan of liquidation prior to the expiration of the originally extended exclusive solicitation period.

However, with the announcement of a multiparty settlement that would potentially significantly increase expected recoveries for creditors shortly before the approval of the original disclosure statement, the debtors decided to adjourn solicitation on the original plan in order to work with their major stakeholders, including the official unsecured creditors committee, the ad hoc group of term lenders, the ad hoc group of secured noteholders and R.R. Donnelley & Sons Co., the debtors’ former parent, to revise the original plan and original disclosure statement to incorporate the terms of the settlement on a consensual basis.

The debtors expect the voting process on the revised plan to be completed on or around Feb. 16, with voting certification to be filed on or around Feb. 22, and a confirmation hearing to be held on Feb. 24.

LSC is a Chicago-based provider of digital print, print-related services and office products. The company filed bankruptcy on April 13, 2020 under Chapter 11 case number 20-10950.

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