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Cenveo Plan Filed

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Cenveo filed with the U.S. Bankruptcy Court an Amended Joint Chapter 11 Plan of Reorganization and related Disclosure Statement.

According to the Disclosure Statement, “The Restructuring Support Agreement, including the RSA Amendment thereto, is Exhibit F to this Disclosure Statement and is further described in this Disclosure Statement. As such, the Plan has the support of the Committee (including PBGC and its union members), the Allianz Parties, and the Ad Hoc First Lien Committee. The components of the Global Settlement include, among other things: …establishment of a $7 million General Unsecured Claims Cash Pool (which was increased from $1.5 million under the original Plan), payable over two years after the Effective Date; appointment of a Claims Oversight Monitor, who will oversee the claims objection process and the reimbursement of up to $100,000 of fees and expenses of the Claims Oversight Monitor (provided that any costs in excess of the $100,000 will be paid from the General Unsecured Claims Cash Pool); payment of $400,000 to the Unsecured Notes Indenture Trustee for its substantial contribution to these Chapter 11 Cases and the Estates….The Debtors also believe that incentivizing its workforce to remain with the Reorganized Debtors is critical. As such, the Debtors, along with the Ad Hoc First Lien Committee have agreed to establish the Management Incentive Plan, which will provide for issuance on the Effective Date of awards of restricted stock units on up to 2.5% of Reorganized Cenveo Equity Interests, and following the Effective Date, stock options, stock appreciation rights and other similar appreciation awards exercisable for up to 7.0% of Reorganized Cenveo Equity Interests….Effective as of the Effective Date, the Reorganized Debtors shall enter into the New Management Agreements with certain members of the Reorganized Debtors’ management team, which shall be acceptable to the applicable management team member and reasonably acceptable to the Debtors and the Requisite First Lien Creditors. As of the Effective Date, Robert G. Burton, Sr. shall retire as Chief Executive Officer and Chairman of the Debtors’ Board of Directors, pursuant to the terms of a Transition Letter Agreement to be executed by the Debtors and Robert G. Burton, Sr. (the ‘Transition Agreement’). The Reorganized Debtors shall enter into the Burton, Sr. Advisory Services Agreement, the form of which shall be Filed, together with the executed Transition Agreement, with the Plan Supplement, and shall be acceptable to Robert G. Burton Sr., the Debtors, and the Requisite First Lien Creditors.”

The Court scheduled a June 7, 2018, hearing to consider the Disclosure Statement and a July 23, 2018 hearing to consider the plan with objections due by July 13, 2018.

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