The U.S. Bankruptcy Court for the Southern District of New York approved the exit plan of Stamford, CT-based print products company Cenveo. The company received exit financing commitments in the form of a $175 million ABL facility and a $236 million term loan.

The terms of the restructuring plan will enable the company to exit Chapter 11 with a substantially deleveraged balance sheet and increased liquidity, allowing Cenevo to focus on its operations and grow its businesses. Prior to filing for Chapter 11, the company’s liabilities included approximately $1.1 billion in funded debt. Upon emergence, said debt will be reduced by more than $800 million to approximately $325 million.

The plan was the result of the company’s global settlement with its various creditor groups and the unsecured creditors’ committee, including the Pension Benefit Guaranty Corporation, certain unions and the indenture trustee for the unsecured noteholders.

According to documents filed with the court, the company has received commitment letters for exit financing from Bank of America, Merrill Lynch, Wells Fargo Bank, Citizens Bank, Barclays Bank and JPMorgan Chase for a fully underwritten $175 million commitment for a senior secured ABL revolver. Bank of America is serving as administrative agent on the revolver and the term loan.

Cenevo was advised by Kirkland & Ellis as legal counsel and Greenhill, Rothschild and Zolfo Cooper as investment bankers and financial advisors.