I would like to pay tribute to our suppliers, employees, customers and creditors for their support of our successful restructuring, and we look forward to further strengthening our relationship. The approved plan made substantial changes to the original transaction agreement. Under the new plan, a $7 million pool will be set up for unsecured general creditors and second collateral holders, a significant increase from the $1.5 million fund set out in the original plan. A cash payment of $50 million will be made to the Alliance for its priority secured bonds and to secure its support for the plan. The company also entered into a revised agreement with its holders of the first deposit right to reduce the amount of debt issued from US$200 million to US$100 million $US after the company`s exit from bankruptcy. “The plan we are pursuing today will significantly reduce our debt and enhance our capital structure to support our long-term business strategy,” said Robert G. Burton, Sr., President and Chief Executive Officer of Cenveo. “Since 2005, we have transformed Cenveo from its print-oriented roots into the largest envelope manufacturer and label manufacturer in North America. This restructuring process, under judicial control, will protect our business, as we will continue to operate normally….
- Canadian Free Trade Agreement
- Class Action Lawsuit Retainer Agreement