Vertis Holdings gets continued bridge order for cash collateral use

By Jim Witters

Wilmington, Del., Nov. 20 - Vertis Holdings, Inc. lender Morgan Stanley Senior Funding, Inc. agreed to an extension of the use of cash collateral through Nov. 29, when a final hearing on debtor-in-possession financing is scheduled, according to documents filed Nov. 19 with the U.S. Bankruptcy Court for the District of Delaware.

Morgan Stanley is the administrative agent of Vertis' prepetition term loan facility.

A hearing on providing adequate protection for Morgan Stanley scheduled for Nov. 20 was postponed until Nov. 27 under the terms of the second bridge agreement.

The additional time is needed "to provide the parties with additional time to negotiate a consensual form of final cash collateral order in connection with the financing motion," the documents state.

The second bridge order is acceptable to General Electric Capital Corp., as administrative agent of the debtors' prepetition revolving credit facility, attorneys for the term loan lenders, proposed counsel for the official committee of unsecured creditors, the debtors and the U.S. Trustee.

Vertis, a Baltimore-based marketing communications company, filed for bankruptcy on Oct. 10. Its Chapter 11 case number is 12-12821.

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