|By Business Wire||
|June 12, 2014 05:13 PM EDT||
The Dolan Company and its subsidiaries (collectively, the “Company”) announced that they have emerged from chapter 11 only 81 days after voluntarily filing for bankruptcy protection. As previously announced, the United States Bankruptcy Court for the District of Delaware (the “Court”) confirmed the Company’s plan of reorganization on June 9, 2014.
Under the plan of reorganization, the Company’s secured lenders are now the owners of The Dolan Company. Investment funds managed by Bayside Capital, Inc. are the majority owner. Bayside Capital is an affiliate of H.I.G. Capital, a leading global private investment firm with more than $15 billion of equity capital under management.
With its successful reorganization, the Company has completed a comprehensive balance-sheet restructuring with the Company’s secured lenders which significantly improves the Company’s capital structure. The restructuring also establishes DiscoverReady LLC, formerly The Dolan Company’s e-discovery business, as a separate and independently managed operating company. DiscoverReady is also majority owned by investment funds managed by Bayside Capital, Inc.
In connection with the plan of reorganization, the Court approved a settlement between the Company and the Official Committee of Equity Security Holders appointed in the Company’s chapter 11 cases. Pursuant to the settlement, the Company will transfer approximately $3.2 million composed of cash and a note receivable to a trust established for the benefit of holders of the Company’s preferred and common stock. Approximately 20 percent of the proceeds of the trust subsequently will be distributed pro rata to holders of The Dolan Company’s preferred stock as of June 12, 2014; the balance will be distributed pro rata to holders of The Dolan Company’s common stock as of June 12, 2014. The Dolan Company’s preferred and common stock has been cancelled.
As expected, the restructuring did not adversely affect the Company’s customers, employees, or vendors. During the chapter 11 process, the Company provided its usual, high-quality services and products to customers without interruption and paid employees and vendors in the ordinary course of business. The Company will continue do so now that it has emerged from chapter 11 protection.
The Company thanks its outgoing board of directors, former chief executive officer James Dolan, former chief operating officer Scott Pollei, and employees for their tireless efforts through the restructuring process.
The Dolan Company is a leading provider of professional services and business information to the legal, financial, and real estate sectors. The Company’s Professional Services Division provides specialized outsourced services to the legal profession primarily through subsidiary Counsel Press. Counsel Press is the nation’s largest provider of appellate services to the legal community. The Company’s Business Information Division publishes business journals, court and commercial media, and other highly focused information products and services, operates web sites, and produces events for targeted legal and professional audiences in each of the 19 geographic markets that it serves across the United States.
Statement Regarding Forward Looking Information
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts are forward-looking statements. Such forward-looking statements include statements using words such as “anticipate,” “expect,” “believe,” “continue,” “will,” “may,” “estimate,” “assume,” “presume,” “pursue,” “outlook,” “plan,” “goal,” “milestone” and similar expressions. Forward-looking statements are subject to risks, uncertainties and other factors that could cause the actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, but are not limited to: our ability to fund our ongoing operations, repay our indebtedness, fund capital expenditures, make acquisitions and divestitures on acceptable terms; our ability to retain key customers and develop new customer relationships in our litigation support services segment; our ability to retain key personnel; the adverse resolution of a future lawsuit or claim against us; the failure or disruption of our software systems, our document hosting, processing, conversion and review systems, or our website and online networks; the risk that our customers fail to timely pay us for our services, or at all; and the other risk factors described under “Risk Factors” in Item 1A of our annual report on Form 10-K for the year ended December 31, 2012, which we filed with the SEC on March 8, 2013, and those highlighted in our Form 10-Q for the quarter ended September 30, 2013, which we filed with the SEC on November 12, 2013. We undertake no obligation to update any forward-looking statements in light of new information or future events.
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