BALTIMORE—Vertis Holdings announced two significant milestones toward the completion of its recapitalization before the end of 2010. The company has secured overwhelming note holder support for its voluntary, pre-packaged Chapter 11 Plan of Reorganization, as well as court approval for all of its motions heard on Dec. 1, including authorization to move forward with its debt and equity financing arrangements.
The company has secured overwhelming note holder support for its voluntary, pre-packaged Chapter 11 Plan of Reorganization as well as court approval for all of its motions heard on Dec. 1, 2010, including authorization to move forward with its contemplated debt and equity financing arrangements.
Vertis Holdings has elected to complete its previously announced refinancing plan through a voluntary, prepackaged Chapter 11 filing. The recapitalization is expected to strengthen Vertis' capital structure by reducing the company's total debt by approximately 60 percent, or $700 million, while substantially lowering interest costs, extending maturities and increasing liquidity.
DOWNERS GROVE, IL—Hess Print Solutions, a provider of printing solutions and other value-added services for catalogs, books, publications and educational printed products, announced it has named Douglas Mann president and CEO, effective immediately.
The U.S. Bankruptcy Court for the Southern District of New York approved all of the company’s First Day Motions to allow Vertis to maintain normal business operations throughout the confirmation process. It has scheduled the confirmation hearing for Vertis’ voluntary, pre-packaged Plan of Reorganization for Dec. 16, 2010.
Vertis has secured a commitment for a $200 million debtor-in-possession revolving credit facility from GE Capital, enabling it to complete the confirmation of its Plan of Reorganization and ensuring that it is able to uphold its commitments to clients, employees and suppliers.
If this refinancing is successfully completed, Vertis will reduce its total debt by more than $700 million, or approximately 60 percent. Concurrent with the exchange offers, Vertis is soliciting acceptances of a pre-packaged Chapter 11 reorganization plan. The company has made no decision at this time to commence Chapter 11 proceedings.
Sustainability and green printing news from Printing Impressions' November 2010 edition.
The seven-unit press will be installed at Vertis’ direct marketing facility in Chalfont, PA, in late 2010 to drive optimum return on investment for clients through elevated capabilities in customization and tailoring of print communications.
At the request of key customers, such as Safeway Inc., and driven by Vertis’ own environmental initiatives, the company worked closely with FSC, PEFC and SFI organizations to support certification for its inserts printing facilities. “As a responsive partner for Safeway, Vertis immediately took action to achieve triple certification at our request,” said Catherine Moyer, advertising director, Print and Production Services of Safeway.