In the world’s largest single demonstration of digital printers and presses, HP’s historic showcase in Hall 17, as well as strong customer adoption across all segments and regions, helped establish digital printing as mainstream and solidified HP’s position as the industry’s digital leader. “HP experienced its best attended drupa ever with sales far exceeding expectations, achieving 150% of our sales goal,” explains Francois Martin, worldwide marketing head, HP Graphics Solutions Business, HP Inc. “What’s more, packaging revealed itself as a major trend and I’m proud to say that HP was in front of the curve with a complete packaging line-up and with the unveiling of a new post-print solution and strategic collaboration with packaging giant Smurfit Kappa. HP is committed to keep reinventing our technology so that our customers can reinvent their own possibilities.” Read on for many more details.
Company Reaches Agreement with Brigade Capital Management In Support of its Plan of Reorganization
Cenveo, Inc. (OTCPK: CVOVQ) (the “Company”), a diversified manufacturer of print-related products including envelopes, custom labels, commercial print, and publisher solutions, today announced that the United States Bankruptcy Court for the Southern District of New York has approved its amended disclosure statement (the “Disclosure Statement”), paving the way for the Company to commence solicitation of votes for approval of its amended plan of reorganization (“Plan of Reorganization”) and emerge from Chapter 11 this summer.
In addition, Cenveo announced that it reached an agreement with Brigade Capital Management that resolves all outstanding issues and increases the support for the Plan of Reorganization to approximately 90% of the Senior Secured Noteholders (the “First Lien Holders”). In addition, the Plan of Reorganization also has the support of the Company’s largest Second Lien Noteholder, Brigade Capital Management, the holders of certain funds and accounts under management that collectively own or control a percentage of the Company’s senior secured first-in, last-out notes, as well as the support of the Unsecured Creditors Committee, whose members consist of trade creditors, the Pension Benefit Guaranty Corporation, certain unions, and the indenture trustee for the unsecured noteholders.
Cenveo expects to shortly begin soliciting votes for its Plan of Reorganization with a target confirmation hearing date in late July and an expected exit from Chapter 11 promptly thereafter.
As mentioned in the Company’s June 5, 2018 press release, the terms of the Plan of Reorganization will enable the Company to exit Chapter 11 with a highly deleveraged balance sheet, allowing the Company to focus on its operations and grow its businesses. Prior to filing for Chapter 11, the Company’s liabilities included approximately $1.1 billion in funded debt. Upon emergence, the Company’s funded debt will be reduced to less than $400 million.