LSC Communications sets bidding procedures for sale of company assets

By Caroline Salls

Pittsburgh, May 13 – LSC Communications, Inc. requested court approval of the bid procedures for the proposed sale of its assets, according to a motion filed Tuesday with the U.S. Bankruptcy Court for the Southern District of New York.

LSC said it is conducting a dual-track restructuring approach.

The proposed procedures allow the company to select a stalking horse bidder and offer that bidder protections that would be paid if it was not ultimately the winning bidder for the assets, including a break-up fee of up to 3% of the purchase price and reimbursement of up to $750,000 of sale-related expenses.

Under the bid procedures, indications of interest must be submitted by 5 p.m. ET on June 9, and formal bids would be due by 5 p.m. ET on July 30.

An auction would be held no later than Aug. 4, if necessary.

A hearing on approval of the bid procedures is scheduled for June 2.

LSC is a Chicago-based provider of digital print, print-related services and office products. The company filed bankruptcy on April 13 under Chapter 11 case number 20-10950.

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