Vertis Locks In $150M DIP Package Ahead Of Planned Sale

Law360, Wilmington (October 12, 2012, 9:04 PM EDT) -- A Delaware bankruptcy judge on Friday signed off on a host of first-day motions for Vertis Holdings Inc., including an interim order authorizing a $150 million debtor-in-possession financing package, as the advertising company moves toward a sale as part of its prepackaged Chapter 11.

Vertis sought court protection Wednesday, its third bankruptcy in three years, looking to overcome its economic and indebtedness issues through Section 363 sale, for which it has lined up Quad/Graphics Inc. as a stalking horse with a $258.5 million bid.

The Baltimore-based...
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