The U.S. Bankruptcy Court approved, on a final basis, Cenveo’s financing motion.
As previously reported, “To obtain liquidity critical to funding its operations and these chapter 11 cases, Cenveo, with the assistance of Rothschild, completed an exhaustive marketing process to solicit proposals for debtor-in-possession financing from members of the First Lien Noteholder Group, the Prepetition ABL Lenders, Brigade, in its capacity as cross-over lender under the First and Second Lien Notes, an institution holding the entire amount outstanding under the FILO Notes and a majority of the amount outstanding under the Unsecured Notes, and five other institutions. This exhaustive process was ultimately successful, culminating in a $190 million ABL DIP Facility provided by the Prepetition ABL Lenders and a new $100 million DIP Term Facility backstopped by more than a majority of the holders of First Lien Notes. The DIP Term Facility will pay down, and create availability under, the ABL DIP Facility. In turn, the availability under the ABL DIP Facility will provide sufficient liquidity to fund these chapter 11 cases and Cenveo’s general corporate operations, support foreign operations, finance operational restructuring and cost-savings initiatives, and, importantly, make payments to Cenveo’s vendors and other participants in Cenveo’s supply chain.”
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