Winter Harbor LLC
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Cenveo Publisher Services

 

Cenveo, Inc. is a world leader in commercial printing, custom packaging, envelopes, labels, warehousing and fulfillment, and related services. Cenveo is headquartered in Stamford, CT, encompassing 30 facilities across the United States, as well as manufacturing operations in Asia, South America, and Central America. Cenveo generates $1.3 billion in annual revenue.

Sitution

Due to declining consumer demand for paper-based products, combined with debt from past acquisitions, Cenveo to agreed to voluntary Chapter 11 bankruptcy plan of reorganization with support from its first-lien debtor. Cenveo had entered a Restructuring Support Agreement (RSA) with its note holders to ensure supplier and business parts would be paid during the Chapter 11 process. Cenveo’s lender required monitoring of the RSA and DIP budget, contingent upon the commencement of their Chapter 11 petitions.

Scope of Work

Appointed by the lender’s counsel, we monitored Cenveo’s financial condition, in addition to providing services related to its Chapter 11 bankruptcy filing.

  • Assisted Counsel in reviewing and responding to pertinent bankruptcy motions and proposed orders.

  • Assessed the feasibility of the debtor-in-possession financing budget and the Company’s compliance with the stated budget.

  • Assisted in negotiations with the Company, stakeholders, and parties in interest relating to the Company's Chapter 11.

  • Reviewed and assessed the feasibility of the plan of reorganization filed by Cenveo.

  • Monitored the Company’s collateral position, liquidity, and compliance with the collateral requirements set forth in the credit agreement.

Engagement Outcome

As an advisor to its restructuring, we positioned Cenveo for a positive outcome and successful future. The Court approved the reorganization plan, allowing Cenveo to exit from bankruptcy protection. Moreover, majority control of Cenveo remained under current family ownership.