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06.01 10:36:34

CEO loans $3 million to Champion Industries - USA

Chief Executive Marshall Reynolds is bailing out printing and office furniture company Champion Industries with a $3 million loan, according to Cleveland Ohio Business News.

 

According to the report, Chief Financial Officer Todd Fry said Tuesday the loan is part of a deal that gives Champion time to amend a credit agreement that it defaulted on last March. Without the deal, Champion could be required to immediately repay debts that totaled more than $65 million in November.

 

The credit agreement includes a $70 million term loan and a $30 million revolving credit line that Champion arranged when it bought The Herald-Dispatch newspaper in 2007.

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