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Workout and Restructuring Obligations of a Commercial Printer

Equipment Lender

Representation of an equipment lender in connection with the workout and restructure of the obligations of a commercial printer. The transaction included an acceptance of collateral (printing presses and related equipment) in partial satisfaction of debt, a short-term operating lease of the equipment back to the company and an arrangement giving the company the opportunity to sell the equipment as part of a possible sale of the entire business as a going concern with economic incentives to the company and the guarantors for the consummation of a sale. The transaction also benefited the lender by generating rental payments with respect to the equipment, keeping the equipment operational and maintained in order to allow it to be more advantageously shown to prospective purchasers and preventing the incurrence of dismantling, transportation and storage costs.

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