WorkflowOne Set To Exit Chapter 11
Vol. 794 
March 1, 2011

Under the approved reorganization plan, WorkflowOne's total debt will be reduced by approximately $149 million, and its cash debt service will be reduced by about $50 million annually. According to WorkflowOne officials, the company will emerge from five months of bankruptcy without forced layoffs or reductions of salaries or benefits. Today, the Dayton, Ohio-based company employs about 2,200 people, close to the same number it did at the time of the Chapter 11 filing. “We are grateful for the continuing support of our employees, business partners and customers,” said Dave Davis, CEO of WorkflowOne. “Our strengthened financial position gives us added flexibility to invest in our business and provide innovative solutions to our customers.”

In September, WF Capital Holdings Inc., Workflow Management Inc. and other affiliated holdings listed debt of up to $500 million, prompting the bankruptcy filing. More than 50,000 creditors were reported in court documents, with the company’s 30 largest unsecured creditors owed, at that time, more than $40 million.

Currently, in the ad specialty industry, WorkflowOne ranks as the 13th-largest distributor. It recently reported its 2010 North American ad specialty revenues to Counselor as $78.95 million, a decrease of 4.6% from 2009. “December of 2010 was our largest sales month of the year and business has been great at the start of this year, too,” said Grippando. “We’re on pace to be over $90 million as a division in 2011. We want to become a $100 million division.”