MCC, Chapter 11, and what it might all mean

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MCC, Chapter 11, and what it might all mean

Adam Peek

Feb 02, 2026

🎙️ Show Notes: The “Prepackaged” Truth Behind the MCC Bankruptcy

What is going on, everybody! Welcome back to the People of Packaging. Today, we’re digging into the weeds of one of the biggest stories in the industry right now: the Multi-Color Corporation (MCC) Chapter 11 filing.

Last week, I made a post that stirred up a bit of a hornet’s nest. I got a lot of “Adam, you didn’t do your research” comments regarding what a “prepackaged” bankruptcy actually is. Well, friends, I did the research. I went through the 241-page court filing on my own and used AI to help as well. Both resources are listed below.

In this episode, we’re breaking down the macroeconomics, the management “Project Optimus” strategy, and the real reason why the global leader in prime labels is currently navigating a restructuring.

I state this in the episode, I 100% THINK OUR INDUSTRY IS BETTER WITH A SOLID AND GROWING MCC. The people at the company are great (at least the one’s I know) and we are better when the big companies are thriving. Period. Full Stop.

🕒 Key Timestamps:

00:00 – Welcome to the show! Big week with the launch of “Beyond the Dieline” with Tom Seymour.
02:30 – Addressing the comments: What exactly is a “Prepackaged” Chapter 11? (hint, it’s Chapter 11 bankruptcy…the same thing essentially)
05:00 – The Data: Breaking down the 241-page filing from Garrett Gabel (Chief Restructuring Officer).
10:15 – Macroeconomics: Inflation, raw material constraints, and the “COVID boom” hangover.
18:00 – Project Optimus: MCC’s plan to fix operational inefficiencies and bolster customer loyalty.
25:40 – The Debt Problem: Converting $4 billion in debt to equity.
35:00 – Advice for Customers: Why you need to know your vendors’ financial health.

📝 Key Takeaways:

It’s Not Just “Business as Usual”: Despite the rhetoric, having a Chief Restructuring Officer means significant changes are happening internally.
The Revenue Drop: MCC saw a 14% decrease in revenue from 2022 through year-end 2025.
Project Optimus: A holistic transformation plan intended to fix metrics like OTIF (On-Time In-Full), which had dropped significantly.
Customer Attrition: The long onboarding cycles in prime labels (12-24 months) mean that once you lose a customer, it takes a long time to get them back.