Cenveo filed with the U.S. Bankruptcy Court a Third Amended Disclosure Statement and Third Amended Chapter 11 Plan of Reorganization.
According to the documents filed with the Court, “The Plan is the culmination of those discussions and embodies a settlement of issues between the Debtors, the Committee, and the Ad Hoc First Lien Committee (including Brigade) (the ‘Global Settlement’). Members of the Ad Hoc First Lien Committee have entered into the Restructuring Support Agreement to support the Debtors’ restructuring. Additionally, the Allianz Parties have executed an amendment to the Restructuring Support Agreement in support of the Plan (the ‘RSA Amendment’)…Brigade will also enter into an amendment and joinder to the Restructuring Support Agreement to reflect the terms of the Global Settlement as reflected in the Plan. 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: assumption of the U.S. Qualified Pension Plan obligations; assumption of the unexpired Collective Bargaining Agreements; assumption of the unexpired lease in connection with the Debtors’ corporate headquarters in Stamford, Connecticut, as amended; 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 certain reasonable and documented fees and expenses incurred by Brigade and its professionals through the Effective Date in the aggregate amount of $1.25 million; payment of $400,000 to the Unsecured Notes Indenture Trustee in connection with its Stipulated Administrative Expense Settlement Claim; payment of $400,000 to the Second Lien Notes Indenture Trustee in connection with its Stipulated Administrative Expense Settlement Claim.” The Court subsequently approved the Disclosure Statement and scheduled a July 23, 2018 Plan confirmation hearing.
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