Cenveo Inc., one of the world’s largest envelope makers, filed for bankruptcy Friday, after reaching a deal with lenders that, if approved by a judge, would slash some $700 million from its balance sheet, WSJ Pro Bankruptcy reported. The printing company and several dozen affiliates sought chapter 11 protection at the U.S. Bankruptcy Court in White Plains, N.Y., citing an unsustainable $1.4 billion debt load and a growing shift in consumer preferences toward digital products. Cenveo, which is publicly traded, entered into a restructuring agreement on Thursday with a majority of top-ranking lenders, who are set take control of the company. Court papers show Cenveo hopes to complete its restructuring and to emerge from bankruptcy within six months.
