Bankrupt printing company Cenveo said yesterday that a bankruptcy court had approved $290 million in financing, funds the firm said would ensure suppliers and other business partners would be paid on time for goods and services, the Connecticut Post reported. With the infusion from the “debtor-in-possession” financing, Cenveo officials said that they would also be able to access up to $100 million in additional liquidity. The company expects to emerge from chapter 11 bankruptcy in the second quarter of this year. Cenveo intends to file its reorganization plan by the end of March, a road map the company said has already garnered the support of some 61 percent of the required 66.7 percent of its “first lien” debtholders. The company is aiming to reduce its debt by approximately $700 million. It was carrying about $1.4 billion in debt, compared with around $790 million in assets, at the end of 2017, according to its bankruptcy filing.
