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Management Side
Court Confirms Cenveo's Plan of Reorganization
Print

Stamford, Connecticut, USA 16 August 2018 -- /PRNewswire/ -- Cenveo, Inc. (OTCPK: CVOVQ) (the "Company"), a diversified manufacturer of print-related products including envelopes, custom labels, commercial print, and publisher solutions, today announced that the United States Bankruptcy Court for the Southern District of New York has confirmed its plan of reorganization (the "Plan"), paving the way for the Company to emerge from Chapter 11 in the coming weeks.

The terms of the Plan will enable the Company to exit Chapter 11 with a substantially deleveraged balance sheet and increased liquidity, allowing the Company to focus on its operations and grow its businesses. Prior to filing for Chapter 11, the Company's liabilities included approximately $1.1 billion in funded debt. Upon emergence, the Company's funded debt will be reduced by over $800 million to approximately $325 million.

The Company commenced solicitation of votes for approval of its Plan earlier this summer and Cenveo's Plan was approved by an overwhelming majority of its entire creditor body. Approximately 97% of Cenveo's first lien secured noteholders (the "First Lien Holders"), 100% of its second lien noteholders, including the largest holder, Brigade Capital Management, and approximately 91% of general unsecured creditors all voted to approve Cenveo's Plan. These numbers represent overwhelming support from Cenveo's creditors for the Plan.

The Plan was the result of the Company's global settlement with its various creditor groups and the Unsecured Creditors' Committee, including the Pension Benefit Guaranty Corporation, certain unions, and the indenture trustee for the unsecured noteholders.

Upon its emergence from Chapter 11, the Company will be privately held with its largest shareholders comprised of institutional investors with tens of billions of dollars of capital under management. Additionally, the Company has entered into a commitment for a $175 million asset based revolving credit facility and is expected to only 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 was advised by Kirkland & Ellis LLP as legal counsel, and Greenhill & Co., Rothschild Inc. and Zolfo Cooper, LLC as investment bankers and financial advisors.

Cenveo (OTCPK: CVOVQ), world headquartered in Stamford, Connecticut, is a leading global provider of print and related resources, offering world-class solutions in the areas of custom labels, envelopes, commercial print, content management and publisher solutions. The Company provides a one-stop offering through services ranging from design and content management to fulfillment and distribution. With a worldwide distribution platform, we pride ourselves on delivering quality solutions and service every day to our customers.

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EMPLOYMENT OPPORTUNITIES:

* We are looking for a Production Shift Team Leader to maintain high standards, plus ensure safety policies and regulations for a company located close to Chicago's Midway Airport. If you are experienced team leader who has a four-year degree in an engineering/technical field (paper science degree preferred, and experience in recycled linerboard or corrugating medium paper mills is a plus), we are looking for someone like you! If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

* A family owned and operated corrugated packaging solutions company in Illinois is looking for an experienced Maintenance Technician to maintain production and quality by ensuring operation of machinery and mechanical equipment. Relocation and other perks are available to the right candidate who is committed to working third shift. If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

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* An expanding company is looking for a Corporate Industrial Electro-Mechanical Engineer near Allentown, PA. Relocation is available. Do you have a storied list of unique electrical and mechanical engineering skills you're ready to take to the next level? Do you envision yourself in a corporate-level leadership role that your experience finally merits? And do you relish any opportunity to troubleshoot and solve real-time problems, all while designing and installing new services and systems that will not only ensure safety, but also turn a potentially hazardous work environment into a continuously thriving one? If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

* An expanding company is looking for hands-on Electro Mechanical Maintenance Techs in Conyers, Georgia. Preference will be given to candidates with higher education and additional certificates or training. You must be able to work any shift. Pay is negotiable with excellent perks and benefits. Relocation assistance is available to the right candidate. If you are interested or would like more information, please contact Jim Thompson at: jthompson@taii.com Ph. 678-206-6010 Cell: 404-822-3412.

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