CD&R-Backed Multi-Color Wins Approval of Debt Restructuring

Private equity backed Multi-Color Corp won court approval for a restructuring plan that cuts nearly $4 billion in debt, clearing the way for the label maker to exit Chapter 11 after striking a deal with a dissenting lender group.

Judge Michael Kaplan said Thursday he’d confirm the restructuring plan, which allows Multi-Color’s private equity sponsor Clayton, Dubilier & Rice to keep control by providing $454 million to the business, according to court papers. The restructuring is also backed by lenders Apollo Capital Management, Ares Management and Arini Capital Management.