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Letter of Intent to Sell The Herald-Dispatch; Del. Doug Reynolds Has Made an Offer of $10 Million
Champion Industries stated in the filing that a "nationwide marketing process for the sale of the Herald-Dispatch resulted in one other current offer". Although the second offer has not been revealed, Champion's board of directors with its independent advisors determined that Douglas Reynolds' offer was "the better offer both in terms of price and conditions".
A $2 million dollar deposit has been provided in escrow.
Under the terms of the Letter of Intent the closing would be July 15, 2013 at which time Douglas Reynolds would assume "all trade payables of the Herald-Dispatch".Douglas Reynolds is the son of current Champion Industries CEO, Marshall Reynolds.
Champion Industries purchased the daily paper in September 2007 from GateHouse Media for $77 million. GateHouse Media purchased the property along with three other papers for $410 million on May 7, 2007. Champion's original loan was for $85.5 million.
Prior to the sale to GateHouse, the Herald Dispatch was owned for 36 years by Gannett Co. Inc. The locally owned Huntington Publishing Company sold the paper in January 1971 to the owners of the Honolulu Star-Bulletin. The company was acquired by Gannett eight months later.
According to a January 29, 2013 article in the Charleston Daily Mail, the Champion has reduced its debt by $47.7 million since its purchase of the H-D. At the time of the Daily Mail article, Champion had $39.8 million of interest bearing debt subject to restrictive financial covenants which , for example, require a minimum level of liquidity , equity, or capping maximum debt to equity ratios.
Based on a March 25, 2013 Securities and Exchange Commission filing , Champion defaulted on a $10 million dollar loan for failure to maintain financial ratios.
Champion Industries, Inc. operates The Chapman Printing Company, Champion Publishing, Interform Solutions, Stationers, Inc., and other commercial printing, business form manufacturing , office product and office furniture suppliers.