Deluxe Completes Comprehensive Restructuring And Announces New Leadership
Eric Cummins named Chief Executive Officer
LOS ANGELES, Nov. 6, 2019 /PRNewswire/ -- Deluxe, the leading content creation to distribution company, today announced that it has completed its comprehensive restructuring and has appointed Eric Cummins as the company's next Chief Executive Officer (CEO). As a result of the restructuring and successful emergence from Chapter 11, Deluxe has shed more than 75 percent of its debt and obtained $115 million in new financing. Effective immediately, Cummins will succeed Deluxe's current CEO, John Wallace, who is retiring after nearly 35 years in the media and entertainment industry.
"With an optimized balance sheet and significantly less debt, Deluxe is well-positioned to carry on its unparalleled legacy, and we are pleased to appoint Eric as CEO," said Gregg Bresner, member of Deluxe's Board of Directors. "He has been instrumental in completing the comprehensive refinancing, and we are confident that he is the right person to lead the company forward."
"I couldn't be more excited to take on this role, and I look forward to carrying on Deluxe's reputation of delivering for clients as we continue to build a technology platform that enables media and entertainment companies to create and deliver content globally," said Eric Cummins, CEO of Deluxe.
Cummins's appointment expands his current role as Chief Financial Officer of Deluxe. He brings more than 20 years of strong leadership and operational experience to the role.
During the restructuring process, Kirkland & Ellis, LLP acted as legal counsel for the Company, PJT Partners acted as its financial advisor, and AlixPartners acted as its restructuring advisor. FTI Consulting, Inc. acted as financial advisor for a majority group of its senior lenders, and Stroock & Stroock & Lavan LLP acted as its legal counsel.
About Deluxe Entertainment Services Inc.
Deluxe Entertainment Services (Deluxe) is the world's leading video creation to distribution company offering global, end-to-end services and technology. Through unmatched scale, technology and capabilities, Deluxe enables the worldwide market for premium content. The world's leading content creators, broadcasters, OTTs and distributors rely on Deluxe's experience and expertise. With headquarters in Los Angeles and New York and operations in 38 key media markets worldwide, the company relies on the talents of more than 7,500 of the industry's premier artists, experts, engineers and innovators.
Contacts
Steven Goldberg/John Christiansen
Sard Verbinnen & Co
310-201-2040/415-618-8750
SOURCE Deluxe Entertainment Services Group Inc.
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