08.23.13
National Envelope announced today it has entered into a definitive asset purchase agreement (APA) with Cenveo to sell substantially all of National’s operating assets. The closing is subject to bankruptcy court approval and customary closing conditions and is expected to occur by the end of the third quarter.
“We’re very happy with the outcome of the Chapter 11 proceedings.” Jim Pinto, CEO, stated. “All parties involved worked diligently to see that the company was sold through the bankruptcy process and received the best possible outcome. This sale ensures the best result for all interested stakeholders, including debt holders, owners, creditors, customers and employees.”
National Envelope filed Chapter 11 on June 10 in order to facilitate a sale and has requested the U.S. Bankruptcy Court for the District of Delaware authorize the company to proceed with a sale of the assets of the business on September 13, 2013.
“This transaction turns the page on the next chapter in the future of the company, while bringing together two respected converters in an industry that can benefit from consolidation and improved earnings,” Mr. Pinto said.
National assures its customers that a smooth integration is expected and that orders will continue to be produced and shipped in the normal course of business.
“We’re very happy with the outcome of the Chapter 11 proceedings.” Jim Pinto, CEO, stated. “All parties involved worked diligently to see that the company was sold through the bankruptcy process and received the best possible outcome. This sale ensures the best result for all interested stakeholders, including debt holders, owners, creditors, customers and employees.”
National Envelope filed Chapter 11 on June 10 in order to facilitate a sale and has requested the U.S. Bankruptcy Court for the District of Delaware authorize the company to proceed with a sale of the assets of the business on September 13, 2013.
“This transaction turns the page on the next chapter in the future of the company, while bringing together two respected converters in an industry that can benefit from consolidation and improved earnings,” Mr. Pinto said.
National assures its customers that a smooth integration is expected and that orders will continue to be produced and shipped in the normal course of business.