Robert Burton forced out of Cenveo

Bankrupt  Cenveo North Americas largest envelope manufacturer announced  CEO  Robert Burton Sr. would retire and be replaced by son and President Robert Burton Jr. when the  company emerges from Chapter 11. Cenveo  expects to emerge from  Chapter 11  this summer, with  agreements from major creditors  and a reorganization plan. The company filed for bankruptcy  at the being of this year.

North Americas Largest Envelope Manufacture

Burton Sr. will remain  as an adviser to Cenveo until the end of December and  remain as shareholder. Burton Sr. has been with the company since 2005.  Cenveo’s liabilities included $1.1 billion of debt. After bankrupty and a revised agreement with secured debt holders the debt will be reduced to $100 million.