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Champion Industries hires chief restructuring officer

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Champion Industries has hired a chief restructuring officer to run the company during a reorganization process if one is necessary.

According to a filing with the Securities and Exchange Commission, on April 8 Champion entered into an agreement with RAS Management Advisors LLC providing for the engagement of Timothy D. Boates of RAS as chief restructuring officer to assist Champion in dealing with its restructuring process.

The SEC filing said Boates's responsibilities include "directing the management of Champion's operations, evaluation of Champion's cash and liquidity requirements, directing the efforts of Champion's management and employees in connection with any sale or restructuring initiatives, directing negotiations with and reporting to the Company's significant creditors, directing all cash management matters and assisting in the development and implementation of a plan of reorganization, if appropriate. Mr. Boates will have full responsibility for all of Champion's operations, including but not limited to day to day management, and will report directly to Champion's board of directors."

The filing said Boates, 52, has been employed by RAS, a turnaround and management firm for the past 13 years and president for five years. RAS and Boates had served as chief restructuring adviser for Champion since Dec. 28, 2011. Champion paid RAS a total of $973,784 through March 30, 2013, under the prior contract for service as chief restructuring advisor and the reimbursement of out-of-pocket expenses incurred by RAS, the filing said.

Champion is the parent company of Chapman Printing, Stationer's and The Herald-Dispatch daily newspaper in Huntington.