Vertis goes bankrupt again
Vertis has announced it that it will “embark on final step in capital restructuring;
By Adam Dewitz
Published: November 18, 2010
Vertis has announced it that it will “embark on final step in capital restructuring; files voluntary pre-packaged plan of reorganization to complete previously announced plan” — the company is going bankrupt again to cut $700 million of debt.
A voluntary, pre-packaged Chapter 11 filing aims at reducing the company’s total debt by approximately 60 percent, or $700 million, lowering interest costs and increasing liquidity.
GE Capital has committed a $200 million debtor-in-possession revolving credit facility that Vertis will use to fund operations during bankruptcy.