29 August 2018
Cenveo Will Exit Bankruptcy With $775 million Less Debt.
STAMFORD , CONN—
Robert Burton Sr. out but family still in control
Robert Burton Sr. out but family still in control
 U.S. Bankruptcy Court has approved the reorganization of Cenveo, North America's largest envelope and label company. Debt will go from $1.1 billion US to $325 million. Cenveo has used up $68 million of their $175 million of asset-based line of credit.They will also have to pay $400,000 to unsecured creditors trustee. Cenveo will  have to assume all pre-bankruptcy pentions and all current union agreements. 
Robert Burton Jr. New CEO
Robert Burton Jr. New CEO
 The Burton family will still run and control Cenveo. Robert Burton Jr will become CEO and brother Michael Burton will become President. Robert Burton Sr. will step down as chair but will continue to remain as a major share holder. The Burton family will hold 12% of the new company. 
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Me says:
Wow going from licking envelopes to packaging, totally different animal...
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