Creative Memories Announces Agreement to Restructure Debt
Files Pre-Packaged Plan of Reorganization
To facilitate this agreement, The Antioch Company and six of its
subsidiaries today filed voluntary petitions for Chapter 11 protection with
the U.S. Bankruptcy Court for the Southern District of
"After completing a comprehensive strategic review of the business, The
Antioch Company, with the guidance of industry experts and turnaround
specialists, determined that a pre-packaged filing was in the best interest of
the future of Creative Memories," said
"This process demonstrates our commitment to the future of Creative
"The financial restructuring of The Antioch Company will allow Creative
Memories to pursue its mission of preserving the past, enriching the present,
and inspiring hope for the future," added Creative Memories Co-Founder
The company does not anticipate any reduction in employee headcount or
changes in operating facility locations and the company anticipates continuing
day-to-day operations. In addition, The Antioch Company announced that it has
filed a motion for authority to enter into a credit agreement with its lending
group, which will provide up to
About Creative Memories
As a leader in the memory celebration industry for more than 21 years,
Creative Memories specializes in selling premium-quality, photo-safe albums,
scrapbooking materials, digital photo books, and photo organization software.
Media Contact: Rebecca Horgen 320-529-5772
Some of the statements in this press release include statements about our future expectations. Statements that are not historical facts are "forward- looking statements." Such statements may include projections of financial and operational results and goals, including revenue, EBITDA, Adjusted EBITDA, profitability, savings and cash. In some cases, you can identify these so- called "forward-looking statements" by our use of words such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "project," "intend" or "potential" or the negative of those words and other comparable words. These forward-looking statements are subject to known as well as unknown risks and uncertainties that may cause actual results to differ materially from our expectations. Our expectations are based on various factors and assumptions and reflect only our predictions. Factors that could cause actual results to differ materially from the forward-looking statement include technological, regulatory, public policy or other developments in our industry, availability and adequacy of capital resources, current and future economic conditions, the existence of strategic alliances, our ability to generate cash, our ability to implement process and network improvements, our ability to attract and retain customers, our ability to migrate traffic to appropriate platforms and changes in the competitive climate in which we operate. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise.
SOURCE Creative Memories
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