Meet The Team Guiding Multi-Color Through Ch.11

Kirkland & Ellis and Cole Schotz attorneys will be steering Georgia-based global retail product label maker Multi-Color Corp. through Chapter 11 in New Jersey as it seeks to trim $3.9 billion of its $5.9 billion in debt.

Multi-Color filed for Chapter 11 relief on Jan. 29, saying it had reached a restructuring deal with the holders of nearly three-quarters of its first-line debt.

Headquartered in Atlanta, Multi-Color prints labels for retail products including home goods, food and beverage products, and pharmaceuticals in 90 facilities across 25 countries, claiming the largest footprint of any labeling company in the world, according to its court filings.

Founded in 1916, it was acquired in 2021 by private equity firm Clayton Dubilier & Rice and merged with commercial printer Fort Dearborn Co.

At a nearly six-hour first-day hearing on Friday, several parties raised objections to Multi-Color’s proposed debtor-in-possession package, which would provide $250 million in new money — with $150 million becoming available upon interim court approval — as well as a $250 million rollup of first-lien claims, according to court filings.

U.S. Bankruptcy Judge Michael B. Kaplan agreed to allow Multi-Color Corp. to access up to $45 million in cash collateral and DIP proceeds but said a full decision would need to wait until Monday.

A confirmation hearing is scheduled for March 17.

Michael D. Sirota

A member in his firm’s office in Hackensack, New Jersey, Sirota is the co-chair of the bankruptcy department and has helped clients including WeWork and Bed Bath & Beyond in their Chapter 11 cases. He has been with the firm since 1987, according to his profile at the American College of Bankruptcy.

He received his law degree from Syracuse University, his firm profile shows.

Warren A. Usatine

A Boca Raton-based member at Cole Schotz, Usatine is a co-chair in the litigation department as well as a co-managing shareholder at the firm, having assisted clients including Rite Aid Corporation in its bankruptcy and taking part in the bankruptcies of BlockFi and WeWork.

He has been with the firm since 1995, according to his LinkedIn profile.

He received his J.D. from the University of Pennsylvania, the firm’s website shows.

Felice R. Yudkin

Also a member based in Hackensack, Yudkin has taken on work for clients including David’s Bridal in its Chapter 11, while having also assisted BlockFi and WeWork in their respective bankruptcies. She has been with the firm since 2005 and received her law degree from Fordham University, according to her firm profile.

Click here to read the full article!