CD&R-Owned Multi-Color Files for Prepackaged Bankruptcy

Multi-Color Corp., a label design and printing services provider owned by Clayton Dubilier & Rice, filed for prepackaged bankruptcy after enough creditors agreed to back a plan to slash the company’s debt by more than half.

The Illinois-based company filed for Chapter 11 bankruptcy protection in the District of New Jersey. The company will cut its $5.9 billion of net debt to about $2 billion, according to an announcement.

The deal also includes $250 million of so-called debtor-in-possession financing to fund the company through bankruptcy. It also provides for $889 million in new common and preferred equity. ...