Champion Industries hires chief restructuring officer - WOWK 13 Charleston, Huntington WV News, Weather, Sports

Champion Industries hires chief restructuring officer

Posted: Updated:
  • Local NewsLocal NewsMore>>

  • UPDATE: All Northbound lanes open on I-77 at East River Mountain Tunnel

    UPDATE: All Northbound lanes open on I-77 at East River Mountain Tunnel

    Saturday, July 26 2014 6:42 PM EDT2014-07-26 22:42:00 GMT
    All northbound lanes are back open after a tractor trailer that caught fire inside the East River Mountain Tunnel on Friday. It happened in the northbound lanes of the tunnel that divides Mercer and Bland around 2:00 Friday afternoon.
    All northbound lanes are back open after a tractor trailer that caught fire inside the East River Mountain Tunnel on Friday. It happened in the northbound lanes of the tunnel that divides Mercer and Bland around 2:00 Friday afternoon.
  • Sistersville Woman Crowned Mrs. West Virginia, Will Compete for National Title

    Sistersville Woman Crowned Mrs. West Virginia, Will Compete for National Title

    Tuesday, July 15 2014 4:17 AM EDT2014-07-15 08:17:38 GMT
    A Sistersville mother, wife, and soon-to-be teacher, holds another very impressive title as she gets ready to take on the competition on a national stage.Mrs. West Virginia, Melissa Smith, will compete for the title of "Mrs.United States," in September. Smith travels throughout the state right now helping to push her platform. "Right now, I'm very focused on improving literacy education. I'm going to be an elementary school teacher and I have been traveling throughout West Virginia reading to...
    A Sistersville mother, wife, and soon-to-be teacher, holds another very impressive title as she gets ready to take on the competition on a national stage.Mrs. West Virginia, Melissa Smith, will compete for the title of "Mrs.United States," in September. Smith travels throughout the state right now helping to push her platform. "Right now, I'm very focused on improving literacy education. I'm going to be an elementary school teacher and I have been traveling throughout West Virginia reading to...
  • Federal judge in Martinsburg, West Virginia, sends 10 to prison for violating probation

    Federal judge in Martinsburg, West Virginia, sends 10 to prison for violating probation

    Sunday, July 6 2014 11:00 AM EDT2014-07-06 15:00:12 GMT
    Nine Martinsburg, West Virginia, residents and another from Keyser were sentenced to federal prison for breaking the law while they were on supervised release or probation.
    Nine Martinsburg, West Virginia, residents and another from Keyser were sentenced to federal prison for breaking the law while they were on supervised release or probation.

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.