PSC reaches restructuring agreement with Littlejohn, files for Chapter 11

New York, Nov. 22 - PSC Inc. said it reached agreement with Littlejohn & Co., LLC on a restructuring that will see a significant portion of its senior and subordinated debt converted to equity.

Littlejohn, a Greenwich, Conn. private equity firm, has bought all $124 million of the company's senior and subordinated debt, which is in the form of term loans and revolving credit facilities.

To implement the restructuring, PSC made a prepackaged Chapter 11 filing in the U.S. Bankruptcy Court for the Southern District of New York in Manhattan.

An affiliate of Littlejohn will provide $20 million of debtor-in-possession financing.

Under the restructuring, all PSC's existing stock and preferred stock will be cancelled. PSC, a Portland, Ore. provider of data collection services, will become a private company.

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