MCC completes financial restructuring

Multi-Color Corporation (MCC) has completed its financial restructuring process and emerged from its prepackaged Chapter 11 process.

MCC’s prepackaged restructuring reduced its net debt by approximately 3.8 billion USD, reduced annualized cash interest expense by more than 330 million USD, and extended long-term debt maturities to 2033. More than 99 percent of voting stakeholders voted to accept MCC’s Plan of Reorganization. Upon emergence, MCC also received 889 million USD in new common and preferred equity investment from CD&R and a group of MCC’s existing secured lenders to support MCC’s long-term growth and investment.

'Today marks a significant milestone for MCC, as well as our customers, teammates and partners who have supported us throughout this process,' said Hassan Rmaile, president and CEO of MCC. 'Over the last several months, we continued to diligently serve and win clients, sharpened our operations, and 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 labeling solutions across verticals. We enter this next chapter focused on driving profitable growth, ramping operational excellence, and investing in our people and culture as we work to deliver sustainable long-term value for all stakeholders.'

With the financial restructuring completed, CD&R remains MCC’s majority owner. CD&R is joined by a certain number of MCC’s existing lenders as minority equity holders.