War Between RR Donnelley and Its Largest Bondholder, Chatham Asset Management, Escalates

[...]we determined to amend our prior regulatory filing on Schedule 13G, and commence reporting on Schedule 13D in order to maintain the maximum flexibility to effectuate necessary changes at the Company. The effect is that any such investors whose change in intent causes them no longer to qualify as "ordinary course institutional investors" are required to reduce their beneficial ownership position to below 10 percent within 30 days, or trigger the Poison Pill. [...]provisions appear to apply to us notwithstanding that our affiliated funds have not purchased a single additional share since the company's precipitous and unlawful adoption of the Poison Pill on Aug. 28, 2019. Because Chatham filed its Schedule 13G pursuant to Rule 13d-1(c) under the Securities Exchange Act of 1934, it was not an Ordinary Course Institutional Investor, and Chatham’s commencement of reporting on Schedule 13D does not affect Chatham’s ability to continue to qualify as an Exempt Person (as defined in Section 1(t) of the Rights Plan). [...]we included several messages regarding our debt outstanding and future plans in our press release dated Feb. 25 and our conference call on Feb. 26, including the following: * the company paid down $273 million in debt in 2019 bringing our total reduction since 2016 to $569 million; * we have increased our availability under our credit facility to $634 million, which is the highest level of availability since October 2016; * the availability under our credit facility is sufficient to retire all upcoming maturities in 2020 and 2021; * we plan to continue to increase our capacity to pay down additional debt through positive cash flow, additional asset sales and potential business dispositions; * during the fourth quarter and continuing into January, the company has reduced the effective interest rate on the Term Loan by entering into interest rate swap agreements with a notional value of $400 million; * we will continue to evaluate opportunities to extend our capital structure and improve our cost of capital, maturity profile and execution costs; and * the company re-affirmed that focusing on actions to reduce its debt outstanding is a top priority, which has also been stated in most quarterly conference calls and investor presentations regularly for the last three years.