Cenveo Receives Final Approval for $290 Million in DIP Financing
STAMFORD, Conn. - March 8, 2018 - Cenveo Inc., a diversified manufacturer of print-related products including envelopes, custom labels, commercial print, and publisher solutions, has announced that the U.S. Bankruptcy Court for the Southern District of New York, White Plains has given final approval of the company's $290 million debtor-in-possession ("DIP") financing to support and grow its business.
The financing ensures that suppliers and other business partners are paid in a timely manner for goods and services provided during the reorganization process, in accordance with customary terms.
Commenting on the financing, Cenveo Chairman and CEO Robert G. Burton Sr., said:
"This is a critical milestone for Cenveo in these Chapter 11 cases and a step forward in achieving the plan we outlined when we filed in early February. Today's decision assures that it remains business as usual at Cenveo. We look forward to filing our plan of reorganization by the end of March. Pursuant to the Restructuring Support Agreement, which was entered into before filing for Chapter 11, this plan already has the critical support of over 61% of the required 66.7% of our first lien noteholders prior to the commencement of the solicitation of the plan of reorganization. The transaction embodied in the Restructuring Support Agreement will, once approved, reduce our leverage by approximately $700 million, and allow us to quickly emerge from this process with a stronger balance sheet to support the Company's long-term success, benefiting our valued customers, business partners, and employees in the years ahead."
Additional information on the company's restructuring can be found here.
The preceding press release was provided by a company unaffiliated with Printing Impressions. The views expressed within do not directly reflect the thoughts or opinions of Printing Impressions.