Champion Industries Defaults on Debt
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HUNTINGTON, WV—Champion Industries has defaulted on its debt after failing to comply with a cash flow covenant, The Deal Pipeline reported. The company received a notice of default from its lenders, led by administrative agent Fifth Third Bank on Monday.
Champion Industries is using investment banking firm Raymond James & Associates on a restructuring or refinancing of the existing debt and other transaction alternatives, The Deal Pipeline reported, citing a Champion filing with the Securities and Exchange Commission. The printer is also working with its chief restructuring adviser at RAS Management Advisors.
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