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Champion Industries Inc Announces Intent To Sell The Herald-Dispatch-Form 8-K

Friday, 21 Jun 2013 04:08pm EDT 

Champion Industries Inc reported in its Form 8-K that on June 18, 2013 Champion Industries, Inc. (Champion) and its wholly owned subsidiary Champion Publishing, Inc. (Seller) entered into a Letter of Intent to sell substantially all of the assets of its operating division doing business as The Herald-Dispatch, composing the newspaper segment, to Douglas Reynolds the son of Chairman and CEO Marshall T. Reynolds. The key provisions of the Letter of Intent are as follows: Cash consideration $10.0 million, no working capital adjustments or indemnity reserves and assumption of all trade payables of the Herald-Dispatch. Subject to execution of an asset purchase agreement with customary representations, warrants and conditions. Closing on or before July 15, 2013. $2.0 million deposit funded in escrow. 

Company Quote

-0.03 -11.54%
30 Jan 2015