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14 March 2018
Cenveo Bankruptcy Gets More Complicated
STAMFORD—
Cenveo bankruptcy is developing more moving parts. A New York Judge has appointed an examiner to investigate alleged payments to insiders. Creditors had complaned about payments made prior to the filing for bankruptcy. Cenveo is closing their Port City Press operation and letting 113 employees go. Discount Label which Cenveo owns has come out and said they are not effected by the bankruptcy and it is business as usual.
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Owned by Cenveo
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Robert Burton CEO was also at Moore Business Forms during it's times of trouble
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Cenveo acquired 16 companies between 2006 and 2013. They pilled up debt of almost $1.4 million. They are North Americas largest envelope manufacture making over 50 billion envelopes a year. They are also one of North Americas largest label companies. Cenveo is trying to restructure and reduce it's debt by $700 to $900 million. It has secured a $290 million line of credit during the bankruptcy.
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