February 2, 2018 / 9:31 AM / 4 months ago

BRIEF-Cenveo Says Agreed With Holders Of Majority Of Its First Lien Debt To Support Chapter 11 Plan Of Reorganization​

Feb 2 (Reuters) - Cenveo Inc:

* CENVEO, INC. ANNOUNCES AGREEMENT WITH FIRST LIEN NOTEHOLDERS TO RECAPITALIZE BALANCE SHEET

* CENVEO - ‍ANNOUNCED THAT IT HAS REACHED AN AGREEMENT WITH HOLDERS OF A MAJORITY OF ITS FIRST LIEN DEBT TO SUPPORT A CHAPTER 11 PLAN OF REORGANIZATION​

* SAYS ‍CENVEO AND ITS DOMESTIC UNITS HAVE FILED VOLUNTARY PETITIONS FOR REORGANIZATION UNDER CHAPTER 11 OF U.S. BANKRUPTCY

* SAYS ‍CHAPTER 11 FILING DOES NOT INCLUDE FOREIGN ENTITIES, SUCH AS THOSE LOCATED IN INDIA​

* ALSO NEGOTIATED AGREEMENTS WITH CERTAIN OF ITS EXISTING LENDERS TO PROVIDE CENVEO UP TO $290 MILLION OF DEBTOR-IN-POSSESSION FINANCING​

* SAYS ‍HAS ENTERED INTO A RESTRUCTURING SUPPORT AGREEMENT (RSA) WITH NOTEHOLDERS REPRESENTING MORE THAN 50% OF ITS FIRST LIEN DEBT​

* SAYS ‍IN TOTAL, DEBTOR-IN-POSSESSION FINANCING WILL ALLOW CENVEO TO ACCESS UP TO $100 MILLION IN INCREMENTAL LIQUIDITY DURING CHAPTER 11 CASE​

* SAYS AGREEMENT WITH FIRST LIEN NOTEHOLDERS TO RECAPITALIZE BALANCE SHEET TRANSACTION WILL SIGNIFICANTLY LOWER DEBT BY ABOUT $700 MILLION​ Source text for Eikon: Further company coverage:

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