RRD Says it Followed Laws in Argentine Plant Closing

• RRDA obtained a Programa de Reproducción (Repro) in September 2013. However, the local union elected not to sign it, thereby preventing RRDA's proposed corrective actions and therefore worsening even more the economic and financial situation.
• For three months RRDA had multiple meetings directly with the national and local unions in advance of filing bankruptcy seeking a Crisis Prevention Plan (requesting a reduction of headcount in order to draw closer to profitability), but no solutions were acceptable to the unions.
• RRDA met with and filed a petition with the National Ministry of Labor proposing a reduction in headcount at the facility. This was also brought to the Provincial Ministry of Labor. Prior to filing for bankruptcy, both Ministries of Labor informed RRDA that they did not support the proposal.
• Because RRDA was left with no other solutions for the many crises it faced, including rising labor costs, inflation, materials price increases, devaluation, inability to pay debts as they become due and other issues, the independent decision was made to file for bankruptcy.

In arriving at the decision, the company claims that neither RRDA nor RR Donnelley discussed its intentions with any other company, stakeholder or bondholder. Donnelley added that it has absolutely no relation to the current situation with Argentina's bondholders.