Wednesday, November 19, 2008

Stamp Fest Events for 2009

StampFest By the Bay 2009 Convention: February 14
Classes: February 13
The Matheos Hall
409 Old Coachman Road, Clearwater, FL 34625

StampFest Orlando 2009 Convention: June 27-28
Classes: June 26-27
Radisson World Gate Resort
3011 Maingate Lane, Kissimmee, Florida 34747

Creative Memories to Restructure Debt with Chapter 11

The Antioch Company, parent company of Creative Memories, a leader in the memory celebration industry for more than 20 years, announced today that it has reached an agreement with its lenders to restructure its debt.

To facilitate this agreement, The Antioch Company and six of its subsidiaries today filed voluntary petitions for Chapter 11 protection with the U.S. Bankruptcy Court for the Southern District of Ohio. The Antioch Company has elected to seek bankruptcy protection in order to restructure its debt while continuing to maintain normal business operations without interruption. The debt restructuring is embodied in the prepackaged plan of reorganization also filed today. Under the plan, which has the full support of the Company's lenders, the process is expected to be completed by the end of this calendar year.

"After completing a comprehensive strategic review of the business, The Antioch Company, with the guidance of industry experts and turnaround specialists, determined that a pre-packaged filing was in the best interest of the future of Creative Memories," said Asha Morgan Moran, global president of Creative Memories. "We are confident that the restructuring will provide strong opportunities for the company's consultants, employees, and customers.

"This process demonstrates our commitment to the future of Creative Memories," Morgan Moran said. "We will ensure that product development remains a top priority so that the company and our 55,000-plus global sales consultants will continue to benefit from our respected position in the traditional scrapbooking industry. At the same time, new product development will assist us in expanding our role into the digital market."

"The financial restructuring of The Antioch Company will allow Creative Memories to pursue its mission of preserving the past, enriching the present, and inspiring hope for the future," added Creative Memories Co-Founder Rhonda Anderson. "We are focused on our bright future as we further expand our offerings into digital scrapbooking and other innovative memory celebration options while continuing to serve our traditional scrapbook market."

The company does not anticipate any reduction in employee headcount or changes in operating facility locations and the company anticipates continuing day-to-day operations. In addition, The Antioch Company announced that it has filed a motion for authority to enter into a credit agreement with its lending group, which will provide up to $4 million in additional liquidity for restructuring and future investments.

As a leader in the memory celebration industry for more than 21 years, Creative Memories specializes in selling premium-quality, photo-safe albums, scrapbooking materials, digital photo books, and photo organization software. Based in St. Cloud, Minn., Creative Memories markets its products at in-home get-togethers through more than 55,000 independent global sales consultants in eight countries around the world.