Company Has Necessary Support to Confirm Plan of Reorganization
Cenveo has made significant progress on emerging from Chapter 11 restructuring. We now have more than 70% of the first lien holder support for our restructuring plan (we are only required to have the support of 66.67% first lien holders for approval).
As a result, we will be able to reduce our debt by an additional $100 million on emergence. Cenveo has also reached agreements with PGBC, UCC, and other stakeholders. With the lender support and agreements with other stakeholders finalized, Cenveo's emergence from Chapter 11 is near total resolution and only the standard procedural items remain to be completed over the next 45 to 60 days.