Vertis Communications Receives Approval of First-Day Motions
Vertis Holdings, Inc. announced that it has received approval from the United States Bankruptcy Court for the District of Delaware for a series of first-day motions, which collectively will enable the company to continue operating its business as usual as it completes its Chapter 11 case and works toward the anticipated sale to Quad/Graphics. Vertis has the support of its lenders with respect to the sale to Quad/Graphics.
Permissions granted by the court during Vertis’ first-day motions hearing include the following:
“The prompt approval of our first-day motions is a significant milestone in our Chapter 11 process, which helps to ensures we are able to continue to compete effectively in all areas, deliver on the commitments we made to our clients, maintain our relationships with suppliers and pay our employees for the great work that they do,” said Gerald Sokol, Jr., chief executive officer. “In short, the court’s action ensures that we will be able to continue to operate our business with confidence as we work to achieve a strong future for all those who depend on Vertis.”
As previously announced on October 10, 2012, Vertis and Quad/Graphics have executed an agreement through which Quad/Graphics will acquire substantially all of the assets comprising Vertis