Standard Register wins court approval of $306.7 million asset sale

By Caroline Salls

Pittsburgh, June 19 – The Standard Register Co. received court approval of the $306.7 million sale of substantially all of its assets to Taylor Corp., according to an 8-K filed Friday with the Securities and Exchange Commission.

Standard Register said the net proceeds, after paying costs associated with the transaction, will be used to satisfy some of the obligations of the company and its subsidiaries to their creditors. The company said it does not expect that there will be enough proceeds available to result in any distribution to stockholders.

In addition, Standard Register said president and chief executive officer Joseph P. Morgan Jr. will resign from his positions as a director, manager and officer, effective June 26.

The company said its board of directors has appointed Kevin M. Carmody as interim president and CEO and to each position as a director, manager and officer held by Morgan.

Carmody has been with McKinsey RTS since December 2011. He is currently serving as Standard Register’s chief restructuring officer.

Standard Register is a Dayton, Ohio-based provider of business documents and related services for the health care, financial services, commercial and industrial markets. The company filed for bankruptcy on March 12 in the U.S. Bankruptcy Court for the District of Delaware under Chapter 11 case number 15-10541.

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