Multi-Color Corporation Completes Financial Restructuring

KUALA LUMPUR, May 13 (Bernama) -- Multi-Color Corporation (MCC) announced it has successfully completed its financial restructuring process and emerged from its prepackaged Chapter 11 proceedings with a significantly strengthened balance sheet and new equity backing.

“Today marks a significant milestone for MCC, as well as our customers, teammates and partners who have supported us throughout this process,” said MCC President and Chief Executive Officer, Hassan Rmaile in a statement.

Rmaile said the company continued serving customers and strengthening operations throughout the restructuring process and now has the financial flexibility to accelerate investments in innovation, operational excellence and workforce development.

“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 labelling solutions across verticals,” he added.

The restructuring reduced MCC’s net debt by approximately US$3.8 billion, lowered annualised cash interest expense by more than US$330 million and extended long-term debt maturities through 2033. The company said more than 99 per cent of voting stakeholders approved its Plan of Reorganization. (US$1=RM3.93)

Upon emergence, MCC also secured a US$889 million investment in new common and preferred equity from CD&R and a group of the company’s existing secured lenders to support long-term growth and investment.

Following the restructuring, CD&R will remain MCC’s majority owner, alongside several of the company’s existing lenders that will hold minority equity stakes.

-- BERNAMA