Sappi North America, a leading producer and supplier of diversified paper and packaging products, today announced the North American Printer of the Year and 10 Gold Award winners for its 19th North American Printer of the Year contest. Regarded as the world's most respected accolade of excellence in printed communications, this award recognizes superior innovation and creativity in print across 10 categories for work produced on Sappi papers. The 2016 winners were chosen as the most outstanding print submissions from over 1,400 entries. "Printers are consistently finding groundbreaking ways to showcase the work of talented designers and marketers. All of the projects submitted this year were worthy of praise, and the competition was fierce," said Patti Groh, Director of Marketing Communications, Sappi North America. "With our Printer of the Year competition, Sappi believes that these brilliant and visionary ideas are shaping the future of our industry." Battlefield Graphics, a full service printer with a range of capabilities that include in-house pre-press, printing, and finishing services, is this year's 2016 Printer of the Year award winner. Based in Ontario, Canada, the printer was selected for the book "Art of Rush," printed for Showtech Merchandising, Inc., which showcases the 40-year relationship of famed musical group Rush and their longtime artist and illustrator, Hugh Syme. The book was printed on Sappi's McCoy Gloss Text and McCoy Silk Cover.
Cenveo today 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.
“Today marks the beginning of an exciting new chapter at Cenveo as we emerge a stronger company,” said Robert G. Burton, Jr., Chief Executive Officer. “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.”
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. Effective today, and as previously announced, Robert G. Burton, Jr. will serve as Chief Executive Officer and Michael G. Burton will serve as President. In conjunction with the new ownership structure and management team, Cenveo also announced the formation of a new Board of Directors, comprised of Robert G. Burton Jr.and four new, highly qualified and experienced directors:
James Continenza, Chief Executive Officer, Vivial
Matthew Espe, Retired Chief Executive Officer, Radial
Frank Sklarsky, Retired Executive Vice President, Chief Financial Officer & Member, Executive & Operating Committee, PPG Industries, Inc.
Thomas Oliva, Retired Senior Vice President, Business Ink
Mr. Continenza, who will serve as Chairman of the Board of Directors commented, “I look forward to working with and alongside the new board members and the Cenveo management team as we look to a bright future for this strong organization.”
Robert G. Burton, Jr. concluded, “To the entire Cenveo team, you have my sincerest thanks and gratitude. Throughout this process you have all demonstrated what commitment stands for, and, with your hard work and dedication, we are emerging in a position to grow and strengthen our Company. Mike and I, and the entire Cenveo management team are honored to lead our team as we work together to take Cenveo to the next level.”
The Company was advised by Kirkland & Ellis LLP as legal counsel, and Greenhill & Co., Rothschild Inc. and Zolfo Cooper, LLC as investment bankers and financial advisors.
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. The Company provides a one-stop offering through services ranging from design and content management to fulfillment and distribution. With a worldwide distribution platform, we pride ourselves on delivering quality solutions and service every day to our customers. For more information please visit us at www.cenveo.com.