Bankrupt Vertis Blasts Creditors For 'Hold-Up' Tactics

Law360, Wilmington (October 31, 2012, 4:22 PM EDT) -- Vertis Holdings Inc. on Wednesday fired back at unsecured creditors who are challenging the direct marketing company’s bankruptcy financing and plan to auction its assets, claiming their objections are merely “hold-up” tactics to secure a cut from the sale.

In a reply brief filed in Delaware bankruptcy court, Baltimore-based Vertis said the objections from its official committee of unsecured creditors could derail the carefully negotiated auction process, for which Quad/Graphics Marketing LLC has submitted a $258 million stalking horse bid.

“If the debtors’ post-petition financing or...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.