TPO Hess Holdings Inc., a printer of commercial and educational materials, filed for bankruptcy protection from creditors, citing a slump in the industry and the global economic downturn.
The Kent, Ohio-based company, formerly known as Hess Print Solutions, today listed assets of as much as $50,000 and debt of as much as $100 million in a court filing in Delaware.
After a turnaround effort, the company “continued to be adversely affected by overall macroeconomic challenges, industry wide overcapacity and increased pricing pressure” from competitors, according to court papers.
The company plans a sale to Bang Printing of Ohio, subject to an auction, for about $19.2 million, court papers show.
A major investor in the company is Wellspring Capital Partners IV LP, according to court papers.
The case is In re TPO Hess Holdings Inc., 13-11327, U.S. Bankruptcy Court, District of Delaware (Wilmington).
To contact the reporter on this story: Phil Milford in Wilmington, Delaware, at firstname.lastname@example.org.