For the third time since 2008, Vertis Holdings Inc. has filed for bankruptcy. This time, the company has asked the bankruptcy court to supervise as it sells itself to Quad/Graphics Inc.
Vertis Holdings, an advertising insert creator, has agreed to auction itself to the lead bidder, Wisconsin-based Quad/Graphics, for the offer of $258.5 million. According to court papers filed in the U.S. Bankruptcy Court in Wilmington, Delaware, Vertis Holdings listed $700 million in debt in their second bankruptcy, which was filed in 2010.
The company will borrow $150 million in order to continue its operations until it is auctioned. Quad/Graphics Inc. also makes advertising inserts that are later placed into magazines and other forms of direct mail.
If you or a loved one has been considering filing for bankruptcy in order to free yourself from the burden of financial debt, contact the Milwaukee bankruptcy lawyers of the DeLadurantey Law Office, LLC, today and discuss which type of bankruptcy is best for you.