The ABL Facility is a pre-condition for Catalyst to exit from creditor protection and would provide for the refinancing of existing credit facilities to fund the company operations on exit from creditor protection and for general corporate purposes thereafter.
Catalyst Paper announced that it did not receive the necessary creditor approval for its amended plan of arrangement under the Companies' Creditors Arrangement Act.The company is now required to commence a sale transaction in accordance with certain court-approved sale and investor solicitation procedures.
WASHINGTON, DC—The U.S. Postal Service (USPS) ended its second quarter (Jan. 1–March 31, 2012) with a net loss of $3.2 billion, compared to a net loss of $2.2 billion for the same period last year. Despite ongoing management actions that USPS believes have grown and improved efficiency, the Postal Service feels the losses will continue until key provisions of its five-year business plan move forward.
The U.S. Postal Service ended its second quarter with a net loss of $3.2 billion, compared to a net loss of $2.2 billion for the same period last year. The quarter also saw a decline in Standard Mail, attributable to a drop in direct mail advertising spending across a number of sectors as sales prospecting slowed in certain sectors, advertisers used more selective targeting methods and competition from electronic advertising media increased.
Based on preliminary calculations, Heidelberger Druckmaschinen AG (Heidelberg) achieved an increase in sales in the fourth quarter of financial year 2011/2012 (Jan. 1, 2012 to March 31, 2012) compared to the previous year—from €745 million to around €780 million, thus reaching the highest quarterly sales figure for the last three years.
Courier’s revenues for the quarter ended March 24 were $62.4 million, down slightly from last year’s second-quarter revenues of $62.7 million. However, its net income of $440,000 represents an improvement over last year’s second-quarter net loss of $4.8 million.
Notwithstanding the challenges arising from ongoing structural changes in the print media market, the KBA group met all its capital requirements from a healthy operating cash flow of €83.9 million, scaled back bank debts still further and boosted liquid assets.
Verso Paper's debt will eventually crumple up the stock. It's a shame too, because without the interest expense, this would be a fine, profitable company. By charging exorbitant rates, the debtholders plan on gouging the company, taking a pound of flesh every year, up until the company's inevitable demise of 2019 or earlier, where they'll wipe out the equity holders and take it over.
In the quarter, Presstek reported total revenue of $29.8 million compared to $31.1 million in the fourth quarter of 2010, and adjusted EBITDA of negative $0.9 million compared to $0.6 million in the prior year fourth quarter.
SUSSEX, WI—Quad/Graphics Inc. recorded fourth-quarter and full-year 2011 results that surpassed management’s previously announced guidance. The report included the company’s Canadian operations, which are in the process of being sold, unless otherwise noted.
