As long expected, the book industry’s largest printer LSC Communications filed for Chapter 11 bankruptcy protection Monday in the US Bankruptcy Court for the Southern District of New York. (If you didn’t know the reality, you would have breezed by the innocuous sounding press release they issued, “LSC Communications Takes Action to Strengthen Its Liquidity and Improve Its Capital Structure,” which is brimming with unwarranted optimism.) The company has commitments for $100 million in debtor-in-possession (DIP) financing, and says it will continue operating “in the ordinary course” and “intends to pay vendors in full under customary terms for all goods […]
