LSC Communications, Inc., on Sept. 15 announced the printing firm had entered into a stock and asset purchase agreement with an affiliate of Atlas Holdings, LLC, with the support of “certain of LSC’s secured creditors,” according to Business Wire.

The purchase agreement has Atlas Holdings acquiring “substantially all of (LSC’s) assets through a combination of cash and a credit bid of obligations under the (LSC’s) secured term loan facility and senior secured notes at the direction of the creditor group,” according to the report. Atlas Holding “will also assume certain liabilities of (LSC), including, subject to certain prerequisite conditions being satisfied, obligations related to the (LSC) qualified pension plan.”

“LSC ran a robust and competitive sale process, and we are pleased to have reached this agreement with Atlas and the creditor group, which we believe represents the best path forward for LSC,” Thomas J. Quinlan III, LSC Communications’ chairman, president and chief executive officer is quoted as saying in the Business Wire report. “We entered into this financial restructuring process in April due to the fundamental changes in our industry and to strengthen LSC’s financial position for the future. Through this transaction, we will be able to move ahead with an improved balance sheet and a more sustainable capital structure, enabling LSC to continue investing in our business and building on our strong foundation as a leader in print, mailing and distribution, and office products. With the support of Atlas and the creditor group, we will continue serving our customers with the same high standards of quality, reliability and innovation they expect. We look forward to partnering with Atlas in the weeks ahead to achieve a smooth sale process for our employees, customers and other stakeholders.”

Founded in 2002, Atlas Holdings is based in Greenwich, Conn. Atlas and its affiliates own and operate 21 companies employing approximately 22,000 people at more than 200 facilities worldwide which, combined, have more than $6 billion in revenues annually.

Atlas Holdings will receive certain deal protections as previously authorized by the U.S. Bankruptcy Court for the Southern District of New York. The transaction is subject to court approval and to other customary closing conditions, including regulatory approvals, noted Business Wire’s story. The sale is expected to close during the fourth quarter of 2020.