OSG Completes Reorganization with Strong Balance Sheet and New Ownership Group

CAROL STREAM, Ill., Dec. 4, 2023 /PRNewswire/ -- Output Services Group, Inc., d/b/a EverView ("OSG" or the "Company"), a leading provider of print and digital billing and payment solutions, today announced it has successfully completed its reorganization process, emerged from Chapter 11 and exited its U.K. business. All conditions have been satisfied or otherwise waived pursuant to its Second Amended Joint Prepackaged Plan of Reorganization (the "Plan") as of November 30 (the "Effective Date").

"OSG was able to complete an exceptionally efficient and uncontentious process due to the support of our stakeholders, including our employees, vendors, customers and investors and lenders," said Dean Cherry, Chief Executive Officer.  "We would like to thank each of our advisors for their guidance and tireless efforts that supported our smooth reorganization.  OSG continues to be a leading innovator in providing solutions for its customers' billing and payment needs. With the Company's dramatically reduced debt burden and financial flexibility with the exit of the U.K. operations, we are confident in OSG's ability to achieve its goals as it refocuses on its core North American operations."

As part of the transaction, OSG's balance sheet has been completely recapitalized with only modest leverage and meaningful balance sheet cash, positioning the Company to capitalize on market growth and investments to serve its customers.  The Company will also have access to a revolving credit facility of $50 million, provided by MidCap Financial.

In accordance with the Plan, the Company will be controlled by investors from several large, well-capitalized, and experienced investment firms.  The stakeholders will be represented by a newly constituted seven-person Board of Managers for the Company that was appointed today, consisting of Dean Cherry, Max Harris, Keith Maib, Lonnie Mahrt, Don McKenzie, William Nolan and Tim Pohl, who bring extensive industry, operating and growth experience.

"With the Company now on solid financial footing, we are excited to support its growth strategy and its continued commitment to exceptional customer service," said Adam Schimel, Managing Director and Co-Head of H.I.G. Bayside Capital, one of OSG's lead investors.

In connection with the reorganization, OSG was represented by McDermott Will & Emery LLP as its legal counsel, Accordion Partners as its financial advisor, Houlihan Lokey Capital, Inc. as its investment bank and Sitrick And Company as its strategic communications advisor. The ad hoc group of first lien lenders was advised by Paul Hastings LLP as legal counsel and Perella Weinberg Partners LP as investment banker.

About OSG

OSG, which transacts business under the OSG Billing and EverView brands, delivers leading customer engagement solutions that drive action, loyalty and retention. With over 50 years of experience, we enable 6,000 customers to create deeper relationships, one communication at a time.

For more information, please visit http://everview.io/ or follow us on LinkedIn, Twitter & Instagram.

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SOURCE Output Services Group, Inc.