Champion Industries hires chief restructuring officer - WBOY.com: Clarksburg, Morgantown: News, Sports, Weather

Champion Industries hires chief restructuring officer

Posted: Updated:
  • BusinessBusinessMore>>

  • City-wide scavenger hunt in Wheeling

    City-wide scavenger hunt in Wheeling

    Sunday, April 20 2014 2:00 PM EDT2014-04-20 18:00:09 GMT
    A new fundraising event in the Upper Ohio Valley to raise funds for Youth Services System is in the works for June 21 in downtown Wheeling.
    A new fundraising event in the Upper Ohio Valley to raise funds for Youth Services System is in the works for June 21 in downtown Wheeling.
  • Barboursville plans to grow its recreation opportunities

    Barboursville plans to grow its recreation opportunities

    Sunday, April 20 2014 1:00 PM EDT2014-04-20 17:00:13 GMT
    Commercial growth in Barboursville has allowed for improved services, and now village officials plan to build on the village's role in recreational opportunities in the region.
    Commercial growth in Barboursville has allowed for improved services, and now village officials plan to build on the village's role in recreational opportunities in the region.
  • University of Charleston students take time to give back

    University of Charleston students take time to give back

    Sunday, April 20 2014 8:00 AM EDT2014-04-20 12:00:16 GMT
    At the University of Charleston, Enactus team members Sa Le, Adam DeBriae, Marc Jn-louis, Jordan Wallace and Rhys Batt do much more than merely keep up with their course loads.
    At the University of Charleston, Enactus team members Sa Le, Adam DeBriae, Marc Jn-louis, Jordan Wallace and Rhys Batt do much more than merely keep up with their course loads.

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.