Judge OKs Vertis' $150M DIP Financing, Bid Procedures

Law360, Wilmington (November 1, 2012, 9:29 PM EDT) -- A Delaware bankruptcy judge on Thursday approved Vertis Holdings Inc.'s final $150 million debtor-in-possession financing package and bidding procedures for the company's planned sale, paving the way for an auction with rival Quad/Graphics Inc. as the $258.5 million stalking horse.

Baltimore-based Vertis sought court protection Oct. 10 with a prepackaged Chapter 11 deal envisioning a Section 363 sale to Quad and a $150 million DIP facility furnished by pre-petition lenders led by GE Capital Finance.

The official committee of unsecured creditors last week took issue with...
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