Output Services Group, a provider of print and digital billing and payment solutions that does business as EverView, completed its reorganization process, emerged from Chapter 11 bankruptcy and exited its UK business. All conditions have been satisfied or otherwise waived pursuant to its second amended joint prepackaged plan of reorganization as of the effective date of Nov. 30.

“OSG was able to complete an exceptionally efficient and uncontentious process due to the support of our stakeholders, including our employees, vendors, customers and investors and lenders,” Dean Cherry, CEO of Output Services Group, said. “We would like to thank each of our advisors for their guidance and tireless efforts that supported our smooth reorganization. OSG continues to be a leading innovator in providing solutions for its customers’ billing and payment needs. With the company’s dramatically reduced debt burden and financial flexibility with the exit of the UK operations, we are confident in OSG’s ability to achieve its goals as it refocuses on its core North American operations.”

As part of the transaction, Output Services Group’s balance sheet has been completely recapitalized with only modest leverage and balance sheet cash. The company will also have access to a revolving credit facility of $50 million, provided by MidCap Financial.

In accordance with the plan, the company will be controlled by investors from several investment firms. The stakeholders will be represented by a newly constituted seven-person board of managers for the company, consisting of Cherry, Max Harris, Keith Maib, Lonnie Mahrt, Don McKenzie, William Nolan and Tim Pohl.

“With the Company now on solid financial footing, we are excited to support its growth strategy and its continued commitment to exceptional customer service,” Adam Schimel, managing director and co-head of H.I.G. Bayside Capital, one of Output Services Group’s lead investors.

In connection with the reorganization, Output Services Group was represented by McDermott Will & Emery as its legal counsel, Accordion Partners as its financial advisor, Houlihan Lokey Capital as its investment bank and Sitrick and Company as its strategic communications advisor. The ad hoc group of first lien lenders was advised by Paul Hastings as legal counsel and Perella Weinberg Partners as investment banker.