Salus Capital Provides DIP in National Envelope Bankruptcy
The Wall Street Journal reported that Envelope maker National Envelope filed for Chapter 11 bankruptcy protection, its second such filing in three years.
According to the Journal, the company is seeking to secure court approval for $67.5 million in bankruptcy financing from lenders led by Salus Capital Partners and including International Paper.
The Journal said, in addition to operating funds, the loan will allow National Envelope to pay off its existing senior lenders. Led by Wells Fargo Capital Finance, those lenders are owed about $50.5 million.
To read the entire WSJ story, click here.