US-based transactional, omni-channel marketing and outsourcing business OSG is also the owner of Communisis, headquartered in Leeds.
Communisis was not one of the OSG entities named in the Chapter 11 filing, but its pension scheme forms part of OSG’s liabilities and the plans required approval from The Pensions Regulator and scheme trustees.
Communisis CEO Phil Hoggarth said: “Communisis is happy to share that as anticipated, OSG’s pre-packaged Chapter 11 process has now concluded successfully. This opens a new chapter for OSG as a stronger company through a strengthened financial foundation and a significant capital injection to grow the business and innovate.
“Whilst not directly involved in the Chapter 11 filing, this is also good news for Communisis as it will allow OSG to continue to support our strategy and transformation moving forward and will allow for investment where required. “
The restructure has resulted in OSG Group reducing its previous $824m of debt to $690m.
All of its general unsecured creditor claims were either paid in full or have been reinstated in the post-Chapter 11 business.
OSG employs 4,700 people worldwide. Communisis posted turnover of £271.2m and had 1,636 employees in its most recent results, for calendar year 2020.
Communisis announced a five-year partnership with Tech Mahindra in June, as part of its plans to accelerate its internal digital transformation programme, with the firm’s clients also transitioning “towards a largely digital communication landscape”.
