A U.S. bankruptcy court in Norfolk, Va. has confirmed Workflow One’s reorganization plan, said WF Capital Holdings, Inc., parent company of Workflow Management Inc., which operates through Dayton-based WorkflowOne. The company expects to leave Chapter 11 bankruptcy protection “on or about” Wednesday, it said.
“The completion of the financial restructuring is a major component of WorkflowOne’s ongoing transformation,” the company said in a statement Monday morning.
Under the plan, the company’s debt will be cut by about $149 million, and its cash debt service will be cut by about $50 million yearly.
WF Capital filed for bankruptcy protection in late September. Workflow One, a provider of marketing products and document services, has about 400 employees in its East Monument Avenue headquarters.
Even during its stay in Chapter 11, Workflow One expanded what it calls a “supercenter” — a site for distribution, order fulfillment and printing — in Columbus, adding 100,000 square feet. The company also opened a “supercenter” in Cranberry, N.J.
“We are very pleased to have reached this milestone bringing us closer to emergence from the Chapter 11 process,” Dave Davis, chief executive of Workflow Management, said in the company’s statement. “With our new capital structure, WorkflowOne will emerge in a much stronger position financially.”
He said the company has cut debt and “streamlined operations.”
Mary Ann Kabel, a company spokeswoman, said Workflow One has the same number of local employees, about 400. She said the company has had no involuntary layoffs due to bankruptcy, and still has about 2,200 employees total, the same number as before bankruptcy.
“We have been very fortunate,” Kabel said.
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