Print Group Strategic Restructure

Large-scale restructures require more than financial engineering—they demand speed, coordination, stakeholder alignment, and disciplined execution under pressure.

This case study explores how Vantage Performance supported the successful restructuring of Australia’s second-largest printing group with annual turnover of approximately $600M.

Facing significant operational and financial pressure, the group required an immediate stabilisation strategy to preserve liquidity, maintain stakeholder confidence, and create sufficient runway for a broader restructuring process.

Within days of engagement, Vantage Performance identified approximately $80M in stabilisation initiatives, providing the Board with the confidence and strategic visibility required to move forward while evaluating restructuring options.

Vantage then implemented and project managed a comprehensive business stabilisation plan designed to improve cash flow, protect operations, and support the execution of the broader restructuring strategy.

Key initiatives included:

• Identification and implementation of approximately $80M in stabilisation initiatives

• Project management of the group-wide business stabilisation program

• Cash runway management to support restructuring execution timelines

• Strategic coordination with legal, advisory, and finance stakeholders

• Stakeholder management across secured creditors, bond holders, equity participants, and unsecured creditors

• Support for refinancing and recapitalisation initiatives

The restructuring involved a highly coordinated effort between multiple advisory and financial groups, including Ashurst, Clayton Utz, 333 Capital, Wexted Advisors, and ScotPac Business Finance.

The final restructure included:

• Refinancing of two major secured creditors

• A $40M equity raise

• Conversion of $40M in bondholder debt into equity

• Compromise agreements with a number of unsecured creditors

The Outcome:

• Successful restructuring of one of Australia’s largest printing groups

• Stabilisation of operations and liquidity during a critical period

• Alignment of financiers, creditors, investors, and management

• Preservation of approximately 900 jobs

• Creation of a sustainable platform for the future of the business

The result wasn’t simply a financial restructure, it was the successful coordination of a complex stakeholder environment to protect a major Australian employer and its workforce.

This is where Vantage Performance operates: delivering strategic restructuring, stabilisation, and turnaround leadership in high-pressure and complex business environments.