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Cenveo Bankruptcy Objection Filed

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Cenveo’s official committee of unsecured creditors filed with the U.S. Bankruptcy Court an objection to the Company’s motion to retain Vanrock Real Estate Consulting for real estate consulting services.

The committee asserts, “The Committee objects to the Debtors proposed retention of VanRock Real Estate Consulting, as its real estate consultant on several grounds. The Committee is concerned that VanRock and its principal, Mr. Robert DePiero, a former officer of the Debtors, do not have the requisite experience. Besides being the Debtors’ former vice president for real estate (he left in 2017), Mr. Depiero’s experience is primarily in managing real estate and negotiating leases in a non-distressed setting. The Debtors provided the Committee with Mr. DePiero’s resume. The resume evidences no experience in a Chapter 11 setting and no experience in valuing industrial leases or properties.”

In addition, “The Committee is concerned that the landlords and potential buyers, many of whom may have prior chapter 11 experience, will be able to take advantage of the Debtors in negotiations due to this lack of experience. Further, based on an internet search, VanRock has no website and the address listed for VanRock in the retention papers, namely 319 Van Winkle Avenue, Hawthorne, New Jersey, is the location of Mr. DePiero’s single family residence. It appears that VanRock does not have a business location. It also appears that VanRock has, at best, one or two employees. Thus, the Committee questions VanRock’s competency and ability to deal effectively with the Debtors’ real estate holdings, especially where more than one of a real estate consultant’s representatives oftentimes needs to negotiate with a landlord or buyer if the initial representative’s negotiations are unsuccessful.”

Read more Cenveo bankruptcy news.

The post Cenveo Bankruptcy Objection Filed appeared first on Daily Bankrupt Company Updates | Bankrupt Company News.


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