By PrintAction Staff
By PrintAction Staff
PrintAction has learned that Pazazz Printing of Ville Mont-Royal, Que., filed a Notice of Intention in January and has submitted a proposal for restructuring, with Richter Advisory Group appointed the proposal trustee.
On January 14, Pazazz filed a Notice of Intention in accordance with Section 50.4(1) of the Bankruptcy and Insolvency Act, R.S. C. 1985, c. B.-3, and Richter Advisory Group was appointed as Proposal Trustee under the NOI.
On January 24, Pazazz filed a Motion for the Authorization and Approval of Interim Financing, Certain Charges, A Sale and Solicitation Process and Other Relief. The DIP, SSP and Extension Motion was scheduled for hearing on January 29.
“Pazazz has already undergone a financial restructurization and is expected to make an announcement detailing this no later than February 24. Operations continue as normal and we thank our suppliers for working with us. Nothing else has changed in any way in terms of operations, services, employees and our direction. We look forward to making a very positive and meaningful announcement on or before February 24,” Marc Giroux, President of Pazazz, said in an email to PrintAction.
This is the second time in less than a decade the Quebec printing company has filed to restructure. In early March 2010, the company submitted a Notice of Intention under the Companies’ Creditors Arrangement Act in a move to “preserve and maximize the value of the business,” explains CEO and Founder Warren Werbitt in an open letter regarding the current state of his company, in April 2010.
Founded in 1992, Pazazz Printing provides digital, UV and offset printing, as well as packaging, label and large-format printing. In late 2007, Werbitt became a beacon for the future of Canadian printing, after producing a YouTube video called Printing’s Alive. He used this attention to support the strategic efforts of associations like the NAPL and the CPIA’s scholarship trust fund.
This is a developing story. Please stay tuned for updates.