Position:INDUSTRY News

* Cenveo, Inc., a diversified manufacturer of print-related products including envelopes, custom labels and commercial print, has announced that it has reached an agreement with its major stakeholders to clear the path for approval of the company's first amended plan of reorganization (the "Plan of Reorganization"), which will enable the company to emerge from Chapter 11 this summer. The Plan ot Reorganization has the support of over 70% of the Senior Secured Noteholders (the "First Lien Holders"), the holders of certain funds and accounts under management that collectively own or control a percentage of the company's senior secured first-in, last-out notes, who also hold a percentage of the first lien notes, second lien notes, and senior unsecured notes, as well as the support of the Unsecured Creditors Committee (the "UCC") whose members consist of trade creditors, the Pension Benefit Guaranty Corporation, certain unions, and the indenture trustee for the unsecured noteholders. A hearing before the United States Bankruptcy Court for the Southern District of New York (the "Bankruptcy Court") was scheduled for June 7, 2018 for the company to seek approval of its first amended disclosure statement (the "Disclosure Statement") and to establish the voting procedures for the Plan of Reorganization.

The terms of the Plan of Reorganization will enable the company to exit Chapter 11 with a highly deleveraged balance sheet, which will allow the company to focus on its operations and grow its businesses. Prior to filing for Chapter 11, the company's liabilities included approximately $1.1 billion in funded debt. Upon emergence, the company's funded debt will be reduced to under $400 million. As part of the revised agreement with the First Lien Holders, the amount of funded debt issued upon exit...

To continue reading