Objections Pile Up To NEC Asset Sale Motion

Law360, New York (July 21, 2010, 1:54 PM EDT) -- National Envelope Corp. is facing stiff opposition to its plan for auctioning off its assets, with objections coming in from its lenders, labor unions representing its employees and would-be buyer Cenveo Corp.

LBC Credit Partners LP, Island Funding LLC and Wayzata Recovery Fund LLC, a group of lenders known as the Term B lenders, said in an objection filed Tuesday in the U.S. Bankruptcy Court for the District of Delaware that the proposed auction procedures call for an unnecessary $2.65 million breakup fee and up to...
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