Here’s a great close up look at the specialty paper pad (which is hiding in the back of the picture up above):

Giveaway package contains:

• K & Company Tim Coffey Halloween Specialty Paper Pack
• K & Company Tim Coffey Halloween Owl Alphabet Chipbox
• K & Company Tim Coffey Halloween Witch Grand Adhesions
• K & Company Tim Coffey Halloween Haunted House Grand Adhesions
• K & Company Tim Coffey Halloween Adhesive Chipboard
• K & Company Tim Coffey Halloween Adhesive Borders
• K & Company Tim Coffey Halloween Treat Bags
• Martha Stewart Holidays Happy Halloween Bat Garland

Many thanks to K & Company and Martha Stewart Crafts for graciously sharing this giveaway with Scrapbook Update’s readers. [Disclosure: Wilton Brands, the parent of K & Company and EK Success (which licenses the Martha Stewart Crafts brand), is an advertiser at Scrapbook Update through their Scrapbook Design and You program.]

How To Enter: All you have to do to be one of the lucky winners is leave a comment on this entry before Midnight U.S. eastern time on Tuesday night, November 2nd. Make sure you include your email address in the line reserved for it on the comment form (for your own protection, don’t put it in the text of the comment, where it will be visible to the public – just in the line labeled “email” in the form where only Scrapbook Update staff can see it). We will need it to notify you if you are a winner. Winners will be drawn by random drawing from all eligible entries. One entry per person. U.S. mailing addresses only please.

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Levin has been interim CEO since Wilton’s previous CEO, Richard Conti, resigned in October 2009 shortly after a settlement with the company’s creditors kept it out of bankruptcy court but placed it under new ownership.

Wilton is the parent of scrapbook brands EK Success, K & Company and Martha Stewart Crafts.

Mr. Levin had this to say about his new role at the company: “Since serving as Chairman and interim Chief Executive Officer I have been impressed with Wilton, and its great products, brands, and people. I am enthusiastic about the opportunities that exist at Wilton. I am looking forward to working with the Board and the Company’s employees to continue Wilton’s successes.”

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Richard Conti, the departing CEO, will be replaced temporarily by company Chairman Jerry W. Levin while a search for a permanent CEO is undertaken. In a comment that is revealing about the reason for his departure, Conti said, “The Board and I both feel that Wilton’s new owners should have the opportunity to establish new CEO leadership for the Company.”

Wilton is under new ownership because of the settlement with its creditors that kept its holding company (Wilton Holdings) from being forced into bankruptcy this summer under an involuntary petition that was filed in July by several of its creditors. The petition was withdrawn as the result of an “agreement in principle” regarding the debt a short time later. The settlement was finalized this month:

As previously announced on October 12, Wilton’s parent company, Wilton Holdings Inc., and its subsidiaries consummated an agreement with their largest creditors, affiliates of TowerBrook Capital Partners L.P. and Deutsche Bank Trust Company Americas, to recapitalize Wilton Holdings. The recapitalization provides Wilton Holdings with an improved capital structure, a reduced debt burden, the ability to continue delivering great products and quality service to customers every day, and the opportunity to focus on growth over the long term. As a result of this agreement, affiliates of TowerBrook Capital Partners L.P. and Deutsche Bank Trust Company Americas are the new majority owners of Wilton Holdings.

In addition to EK Success and K & Company, Wilton Brands also is the home of the Martha Stewart Crafts line of products.

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Wilton Holdings is the parent company of Wilton Brands, which includes the brands EK Success, K&Co, Dimensions, and Wilton. Wilton Holdings is owned by private equity firm GTCR, Golder Rauner, LLC.

The involuntary bankruptcy petition was reported by Reuters as being filed by JGF Credit LLC, which stated it had recently acquired $104.3 million in unsecured debt owed by the company. The petition was also joined by Deutsche Bank Trust Co. Americas of New York, which is the administrative agent for the lenders who are owed an additional $104.3 million of the company’s debt.

In response to media requests for comment, Wilton Brands issued the following statement:

We are aware of recent reports that Wilton is going into chapter 11 restructuring.  Here are the facts.

First, and most importantly, Wilton Brands Inc. is not in chapter 11.  Further, it has not been petitioned into chapter 11 nor have any of the other operating companies that market and sell our products.

As a result of certain breaches of our loan covenants that have been previously disclosed, creditors of the parent company of Wilton Brands Inc. filed an involuntary petition against that holding company (Wilton Holdings, Inc.).  While that company bears the Wilton name, the petition was not filed against any of the operating companies and does not affect their day-to-day operations.

The company’s owners and lenders are working diligently to resolve this matter. Management is monitoring these discussions and our primary focus remains on running our business as usual.

The company’s operating results are solid in spite of the challenging economic environment.  Operating income is ahead of last year’s strong results, partially due to the achievement of our cost savings initiatives.  Wilton Brands Inc. will continue to conduct its business in the ordinary course and will continue to honor its obligations.  We value our relationships with all of our customers and suppliers and look forward to continued growth together.

None of the Wilton brands are exhibiting at CHA-Summer. (EK Success is listed in the exhibitor directory but that listing was placed by a distributor, not by the company itself.) EK Success has released sneak peeks of new products.

Wilton Brands was formed in August 2007 when EK Success, already owned by GTCR, Golder Rauner, LLC., purchased Wilton Industries and Dimensions Holdings. Earlier in 2007, EK Success had launched the Martha Stewart Crafts line in stores. EK Success was founded in 1978, and purchased in 2006 by GTCR, Golder Rauner, LLC. K & Company was formed in 1996.

Related Posts:

• Big Scrapbooks & Crafts Industry Merger News

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