Cenveo Announces Chapter 11 Plan Of Reorganization Cenveo, Inc. has announced that it has reached an agreement with holders of a majority of its first lien debt to support a Chapter 11 plan of reorganization, which the company said will significantly increase its financial flexibility by reducing its debt and obtain- ing new financing. To facilitate the financial restructuring, Cenveo and its domestic subsidiaries have filed voluntary peti- tions for reorganization under Chapter 11 of the US Bankruptcy Code in the Southern District of New York,White Plains.The Chapter 11 filing does not in- clude foreign entities, such as those located in India. Headquartered in Stamford, Connecticut, Cenveo operates more than two dozen independent entities in more than 100 facilities across the United States, as well as manufacturing locations in Asia, South Ameri- ca and Central America. Among its facilties are Den- ver, Colorado-based Lightning Labels, and Discount Labels in New Albany, Indiana. In addition, Cenveo has label manufacturing facilties in California, Florida, Missouri and Tennessee. In conjunction with the fil- ing, Cenveo has entered into a Restructuring Support Agreement (RSA) with noteholders representing more than 50 percent of its first lien debt.
The company has also negotiated agreements with certain of its existing lenders to provide Cenveo up to $290 million of debtor-in-possession financing (DIP), which includes $190 million of ABL financing and $100 million of term loan financing. In total, the debtor-in-possession financing will allow Cenveo to access up to $100 million in incremental liquidity during the Chapter 11 case. Mercian Labels Completes Plans For Consolidation Mercian Labels has completed its plans for consoli- dation, having successfully transferred its Derby, UK- based operations into its Burntwood, UK, site. The move brings all of its manufacturing processes under one roof. Mercian Labels provides 8-color high-speed flexo printing and the latest in digital printing.
CS Labels Adds New Manufacturing Facility
CS Labels,Willenhall, UK, has acquired a new dedi- cated manufacturing facility, part of a £3 million in- vestment taking place in 2018 that also includes the purchase of new machinery and the development of smart productivity solutions.
8 March 5, 2018 Flexo Market News
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