LSC Communications, Inc.and certain of its subsidiaries filed voluntary petitions for relief under Chapter 11 of title 11 of the United States Code, 11 U.S.C. §§ 101-1532 (the "Bankruptcy Code") in the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court"). The Debtors have filed a motion with the Bankruptcy Court seeking joint administration of their chapter 11 cases (the "Chapter 11 Cases") under the caption In re LSC Communications, Inc., 20-10950 (the "Bankruptcy Case").

The Debtors continue to operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. To ensure their ability to continue operating in the ordinary course of business and minimize the effect of bankruptcy on the Debtors' customers and employees, the Debtors filed motions for customary "first day" relief with the Bankruptcy Court.

The filing of the Bankruptcy Petition constituted an event of default with respect to the following debt instruments (the "Debt Instruments"), representing in the aggregate approximately $972 million of outstanding indebtedness of the Company:

• $221.9 million of loans outstanding under the first lien term loan facility, approximately $300 million of loans outstanding under the first lien revolving credit facility (including $50.8 million in face amount of outstanding letters of credit) and unpaid interest, fees and other expenses arising under or in connection with the Credit Agreement, dated as of September 30, 2016, as amended, among the Company, the lenders party thereto and Bank of America, N.A. as administrative agent; and
• $450 million of 8.75% senior secured notes due 2023, plus accrued and unpaid interest, fees and other expenses arising under or in connection with the Indenture, dated as of September 30, 2016, among the Company, the guarantors party thereto and Wells Fargo Bank, National Association as trustee and collateral agent.

The Debt Instruments provide that as a result of the Bankruptcy Petition, the principal and interest due thereunder shall be immediately due and payable. Any efforts to enforce payment obligations under the Debt Instruments will be automatically stayed as a result of the Bankruptcy Petition, and the creditors' right of enforcement in respect of the Debt Instruments are subject to the applicable provisions of the Bankruptcy Code.