Vertis Gets OK On Prepack Plan To Drop $700M In Debt

Law360, New York (December 16, 2010, 6:47 PM EST) -- Advertisement company Vertis Holdings Inc. won a bankruptcy judge's approval Thursday for a prepackaged restructuring plan that will allow the company to shed about 60 percent, or roughly $700 million, of its debt.

Judge Allan L. Gropper said he found the plan fit for confirmation during a hearing in the U.S. Bankruptcy Court for the Southern District of New York.

He expressed some reservations about the fast-track schedule the company put itself on, however, by seeking both confirmation and approval of a disclosure statement — usually...
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