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Printer TPO Hess Holdings Files for Bankruptcy Protection

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May 22 (Bloomberg) -- 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 pmilford@bloomberg.net.

To contact the editor responsible for this story: John Pickering at jpickering@bloomberg.net.

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