21 February 2018
Creditors Claim Insider Deals at Cenveo
Things get messy at the largest envelope maker
Things get messy at the largest envelope maker
 Brigade Capital, a note holder of North America's largest envelope maker Cenveo has asked a New York bankruptcy court to appoint an examiner to look into insider dealings at the company. They claim that the restructuring plans would give bonuses to management and shortchange creditors. They also claim current management would get substantial equity in the new company of up to 12% and be released from estate claims.
Robert Burton  CEO under attack about insider deals
Robert Burton CEO under attack about insider deals
They claim the Burton family which has two board seats and three senior management positions gives reason for the courts to appointing an examiner.
  Cenveo hopes to shed about $700 million in debt in restructuring. They piled up debt by buying up other envelope companies including National Envelope in 2013 ( after they went into bankruptcy). The have over 100 plants in the U.S., Asia, South America and Central America.The overseas operations are not effected by the bankruptcy. They employee about 7,300 people. They have no operations left in Canada  (MM&T was last one sold). What ever happens to Cenveo will most likely effect the North American envelope business. 
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