In that role, Boates has "full responsibility for all of Champion's operations, including but not limited to day-to-day management, and will report directly to Champion's board of directors," according to company filings with the U.S. Securities and Exchange Commission.
In May, following Boates' hiring, the company negotiated a forbearance agreement with Fifth Third Bank to delay action on the debt default until after Sept. 30.
The delay will give the company more time to shore up its balance sheet and address its debt.
"Due to the short term nature of our current Forbearance Agreement our ability to operate as a going concern is dependent on our ability to address our current credit situation," the company said in its earnings release.
According to the company, it has already paid off nearly 61 percent of the debt it took on five and a half years ago during the Herald Dispatch acquisition.
It currently has about $36.5 million in interest-bearing debt on its balance sheet.
Reynolds said the company would continue to do what it can to bring down its debt burden.
"We intend to work with our secured creditors and advisors to address our debt maturities and liquidity," he said. "Furthermore, our recent Forbearance Agreement is a positive step towards our goal of stabilizing our funding platform going forward."
Contact writer Jared Hunt at busin...@dailymail.com or 304-348-4836.
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