Vertis Holdings’ Creditors Oppose Auction, Loan Terms

Unsecured creditors say Vertis Holdings Inc.’s auction and financing proposals don’t include enough protections to make sure they’re not left holding the bag during the company’s third trip through Chapter 11. The official committee representing Vertis’ unsecured creditors are urging a bankruptcy judge to slow down the sale of Vertis’ print advertising and direct-mail marketing business, which they say is being run for the sole benefit of senior lenders led by General Electric Capital Corp.

The committee said Vertis, the lenders and Quad/Graphics have consented to giving them a consultation role in the sale process but have rejected the other changes

Related Content
Comments
  • Burned Before

    Hang Tight Unsecured Creditors – Don’t let the big guys get away with the sale. I’m tired of the shell game and the little guys always getting burned!

  • Robert

    This should not surprise anyone that Quad Graphics and Joel Quadracci are trying to rip off another group of investors.

  • Brian Keane

    I can’t believe that Vertis Management and Production allowed this to happen. Thank God for Union Workers because this would never happen if the members of Vertis had union bargainning labor practices and these unions would have stood against this type of business.