28 April 2020
Details of LSC Chapter 11 Emerge
CHICAGO—
North America's largest book printer
North America's largest book printer
In LSC last quarter of 2019 results they reported net sales down 17.1% at $778m, with ‘organic’ sales adjusted for foreign exchange and pass-through paper sales down 14.1%. The net loss for the period ballooned to $169m, compared to a $16m loss the prior year. LSC  has short- and long-term debt of more than $900m. Shares in LSC Communications fell by nearly 30% to a new all-time-low of $0.027 in early April. Default on nearly $1 billion of indebtedness. 
LSC's Mississauga location
LSC's Mississauga location
LSC has received commitments for $100m  in ‘debtor-in-possession’ financing from some of its revolving lenders, subject to certain closing conditions. It was formerly part of the giant RR Donnelley business, which split into three companies in 2016. Chapter 11 affects most of LSC’s US subsidiary businesses, but excludes its operations in Mexico and Canada.
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