WF Capital Holdings, Inc. (WF Capital), the parent company of Workflow Management, Inc., has announced that the U.S. Bankruptcy Court for the Eastern District of Virginia, Norfolk Division has confirmed Workflow’s Plan of Reorganization, allowing the company to complete its restructuring and emerge from Chapter 11 bankruptcy protection toward the beginning of March.
WF Capital Holdings, Inc. operates principally through its division WorkflowOne. The reorganization plan is to play a large part in the transformation of the company.
“We are very pleased to have reached this milestone bringing us closer to emergence from the Chapter 11 process,” said Dave Davis, CEO of Workflow Management. “With our new capital structure, WorkflowOne will emerge in a much stronger position financially. We have significantly de-leveraged our balance sheet, streamlined our operations, and continued to reduce costs. Our strengthened financial position gives us added flexibility to invest in our business and provide innovative solutions to our customers. They will benefit from many of the most comprehensive, cost-saving solutions in digital and traditional print, business process outsourcing and promotional marketing available today.”
“We are grateful for the continuing support of our employees, business partners and customers, as well as that of our new ownership group, which is committed to our long-term success,” added Davis.
Under the reorganization plan, the company’s debt will be reduced by roughly $149 million and its cash debt service will be reduced by roughly $50 million annually.
These days, many companies are finding the need to file for bankruptcy due to the state of the economy. Companies that were previously booming are now struggling to stay in operation. Bankruptcy can help a company get back on its feet, but the process involves many details that are best left to a bankruptcy lawyer.
Bankruptcy attorneys specialize in the area and have their clients’ best interest in mind. They will evaluate their clients’ financial history to determine which chapter they should file and will also speak to their clients’ lenders to try to work out a plan that does not involve the liquidation of their assets.
If you are struggling with an exceeding amount of debt from unpaid credit card bills, medical treatment, lawsuits, business expenditures or taxes, bankruptcy may be a solution to your financial problems. Both companies and individuals may file and the outcome may lead your business to bounce back. To see if you are a prime candidate for bankruptcy protection, speak with an acclaimed bankruptcy attorney today to get started on your case.
