To Our Clients, Suppliers, and Other Business Partners
We value our relationships with each of you and want to be sure you understand the actions we are taking to ensure that our businesses and teams are in the best possible position to grow and even better serve our clients for many years to come.
After completing an extensive strategic review process, Vertis announced on October 10, 2012, that we have accepted an offer from Quad/Graphics to buy substantially all of our businesses. We believe this agreement is a great opportunity for our Company because it allows us to maximize the value of our assets while also providing continuity, financial stability and ongoing business investments for the benefit of our clients and employees.
To achieve our objectives as efficiently as possible, Vertis filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code. Please be assured that we fully expect to operate our business as usual throughout the Chapter 11 case and sale proceeding.
We have already secured a commitment for $150 million in debtor-in-possession financing from a group led by GE Capital, which ensures that we are able to meet our financial obligations throughout this process. We fully expect to pay our employees as usual, uphold all of our commitments to clients and pay suppliers in the normal course for goods and services delivered after our October 10th filing.
Looking ahead, we expect to receive Court approval for the sale in the fourth quarter, secure the necessary regulatory approvals in the first quarter of 2013 or earlier, and close the transaction shortly thereafter. During this period, we also will evaluate any competing bids we may receive to ensure we secure the highest and best offer for our businesses.
This website will provide you with additional information about our October 10th announcements as well as updates on the key milestones in our sale process. We hope you also will reach out to your normal Vertis contacts or contact one of our support centers if you have any additional questions.
Thank you for your continued confidence in our Company.
Gerald Sokol, Jr.
Chief Executive Officer