The auction to acquire the assets of LSC Communications, which had been planned to take place on September 3, has been postponed until September 9. Bids for the company were due August 26, but no filings disclosing what bids have been received have not yet been made public.
Although no filing has been made about the bids, a recent disclosure by LSC investment bank Evercore indicates there was quite a bit of initial interest. According to the filing, made by Evercore to get court approval to be paid for its work, the bank said it contacted 163 prospective buyers, signed 60 nondisclosure agreements, and had continuing talks with 21 potential bidders.
In a separate filing, LSC reported that in July, it had a revenue of $187 million and a net loss of $13.1 million before reorganization costs. After adding in those expenses, LSC had a loss of $20.3 million. Included in the report was a list of July cash receipts taken in by different LSC divisions. Dover Publications had July receipts of $1.9 million, the report said.
The printing giant filed for Chapter 11 bankruptcy protection on April 13.