Litho Not Letting Go
by September 4, 2000 12:00 am 78 views
In July, we told you about the Chapter 11 “reorganization” bankruptcy of Phillips Litho’s parent company, Master Graphics Inc. of Memphis. Well, now it seems that Phil Phillips Jr., son of the Springdale company’s founder, is trying to buy back his family’s print-services company.
Phillips told us that he could not divulge the amount of his offer since it involves “multi-tiered payment contingencies.” But he did say that it’s not an automatic that he’ll get the company back.
Master Graphics, whose stock dropped from $10 per share in June 1998 to 15 cents by July of this year, is bidding out the sale of its 23 different operations. Phillips remained president of the Phillips Litho division following the company’s 1998 sale.
At that time, he and some of the 84 other Phillips Litho employees received stock options in Master Graphics.
No deadline for an agreement has been established.