LSC Communications OK'd For DIP Loan, Executive Bonuses
Law360 (June 2, 2020, 5:48 PM EDT) -- Commercial printing company LSC Communications got the nod from a New York bankruptcy judge Monday to accept $100 million in Chapter 11 financing and to pay up to $14 million in executive bonuses.
At a teleconference hearing, U.S. Bankruptcy Judge Sean Lane approved a debtor-in-possession financing agreement that included changes made in response to objections by creditors and overrode claims by the U.S. Trustee's Office that a half-dozen corporate officers had been improperly included on the list of bonus recipients.
LSC filed for Chapter 11 in April, saying it has been suffering from the long-term migration of the market toward online...
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