Creative Memories Parent Company Antioch Files Chapter 11
The Antioch Company, parent company of Creative Memories, announced today that it has filed Chapter 11 bankruptcy protection along with six of its subsidiaries as part of an agreement with its lenders to restructure its debt.
According to the company's statement:
The Antioch Company has elected to seek bankruptcy protection in order to restructure its debt while continuing to maintain normal business operations without interruption. The debt restructuring is embodied in the prepackaged plan of reorganization also filed today. Under the plan, which has the full support of the Company's lenders, the process is expected to be completed by the end of this calendar year.
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 Asha Morgan Moran, global president of Creative Memories. "We are confident that the restructuring will provide strong opportunities for the company's consultants, employees, and customers.
The statement went on to say:
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 $4 million in additional liquidity for restructuring and future investments.
