CD&R-Backed Multi-Color Wins Approval of Debt Restructuring (1)

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.

Kaplan said Thursday that the restructuring plan has “overwhelming” support from ...