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Vertis pre-packaged plan approved by majority of voting creditors
By Caroline Salls
Pittsburgh, Dec. 14 - Vertis Holdings, Inc.'s pre-packaged Chapter 11 plan was unanimously accepted by three of four voting creditor classes, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of New York.
Specifically, all 46 holders of $405.2 million in series A second-lien note claims voted to accept the plan, as did all five holders of $55.96 million in series B second-lien note claims and all five holders of $23.16 million in series C second-lien note claims.
Meanwhile, 76 holders, or 96.2% in number, of $219.67 million, or 99.98% in amount, of senior payment-in-kind note claims voted to accept the plan, while three holders, or 3.8% in number, of $35,935, or 0.02% in amount, of these claims voted to reject it.
The plan confirmation hearing is scheduled for Dec. 16.
Baltimore-based Vertis provides print advertising and marketing services. The company filed for bankruptcy on Nov. 17, and its Chapter 11 case number is 10-16170.
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