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.