Home Courts Cenveo gets green light on Chapter 11 emergence

Cenveo gets green light on Chapter 11 emergence

Cenveo Inc. has announced that the U.S. Bankruptcy Court for the Southern District of New York confirmed the company’s plan of reorganization, thus enabling the process of emerging from Chapter 11.

The Stamford-based manufacturer of print-related products and publisher solutions stated that it carried approximately $1.1 billion in funded debt prior to filing for Chapter 11, which will be reduced to approximately $325 million upon emergence. Cenveo will be privately held following its emergence, with its largest shareholders including institutional investors with tens of billions of dollars of capital under management.

The company also stated that it entered into a commitment for a $175 million asset-based revolving credit facility and expected to have approximately $68 million used upon emergence, creating $65 million of liquidity when coupled with the expected cash on hand on the emergence date. The company did not identify the sources of its revolving credit facility, nor did it offer a timeline on when the emergence process would begin and end.

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 10 books (including the 2020 release "Moby Dick: The Radio Play" and the upcoming "Jesus Christ Movie Star," both published by BearManor Media). He is also the host of the SoundCloud podcast "The Online Movie Show," co-host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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