Cenveo announced its emergence from bankruptcy following a successful financial restructuring and confirmation of the Chapter 11 Plan of Reorganization (the "Plan"). As contemplated in the Plan, as approved by the United States Bankruptcy Court, Cenveo completed organizational streamlining and, going forward, will be doing business under the name Cenveo Worldwide Limited (the "Company" or "Cenveo").
Cenveo emerges with one of the strongest balance sheets in the industry as a result of strengthening its financial position and operational flexibility, including:
Reducing debt by more than $800 million, from approximately $1.1 billion to about $300 million;
Creating in excess of $65 million of liquidity; and
Securing approximately $235 million of term loan exit financing.
Upon emergence, the Company will be privately-held, with its largest shareholders comprised of institutional investors with significant capital under management. Cenveo's new equity owners have demonstrated continued support for the Company. Robert G. Burton, Jr. will serve as CEO and Michael G. Burton will serve as President.
Cenveo, 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.
