The sale of Standard Register Co.’s assets to Taylor Corp. is expected to close on or before Friday, according to documents filed Tuesday in federal bankruptcy court.
Standard Register, a century-old Dayton printing and marketing company, on Tuesday filed a motion in the U.S. Bankruptcy Court for the District of Delaware to change its corporate and business names, as required under the asset purchase agreement between Standard Register and Taylor Corp.
Standard Register would become SRC Liquidation Co., court documents said. A hearing on the motion is scheduled for Aug. 18.
Founded in 1912, Standard Register employs 3,500 workers, including 850 in Dayton.
On Tuesday, the court also approved Standard Register’s request to extend the period to file its Chapter 11 bankruptcy plan by an additional 90 days.
Standard Register’s 120-day period to propose and file a plan was set to expire July 10. The company’s period to solicit acceptance of that plan would expire Sept. 8.
The court extended the plan period through Oct. 8 and the solicitation period through Dec. 7.
If denied, any party with an interest could have filed a competing Chapter 11, causing “substantial, if not irreparable harm” to Standard Register’s efforts to preserve and maximize the value of its estates, documents said.
Since filing for Chapter 11 bankruptcy protection in March, Standard Register has focused its efforts and resources on stabilizing its business, complying with litigation requirements and working to obtain approval of a sale.
In June, Minnesota-based Taylor Corp. submitted the winning bid of $307 million for Standard Register’s assets. The sale is expected to close on or before Friday, documents said.
Founded by billionaire businessman Glen Taylor, owner of the NBA’s Minnesota Timberwolves and the Minneapolis Star Tribune newspaper, Taylor Corp. has an estimated $1.3 billion in annual sales and 9,000 employees worldwide.
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