STAMFORD, Conn. (From news reports) -- Cenveo has announced its emergence from bankruptcy following the financial restructuring and confirmation of the Chapter 11 Plan of Reorganization. Moving forward, the Stamford-based print resources provider will now be a privately held business operating as Cenveo Worldwide Ltd.
Following the completion of its reorganization, Cenveo now has a debt of about $300 million - down from approximately $1.1 billion - and more than $65 million of liquidity. It has also secured approximately $235 million of term loan exit financing.
Furthermore, Cenveo has formed a new board of directors consisting of CEO Robert G. Burton Jr., along with Vivial CEO James Continenza, former Radial CEO Matthew Espe, former PPG Executive Vice President and Chief Financial Officer Frank Sklarsky and former Business Ink Senior Vice President Thomas Oliva. Continenza will serve as the board chairman.
"Today marks the beginning of an exciting new chapter at Cenveo as we emerge a stronger company," said Burton. "With a significant reduction of debt and increased financial flexibility, Cenveo will be able to invest in growing our core businesses and continue our focus on delivering high-quality products. I would like to express my appreciation to our vendors, employees, customers and creditors for their support as we completed our successful restructuring, and we look forward to continuing to strengthen our relationships."
