Vertis Communications has received a $250 million senior secured plan of reorganization credit facility from GE Commercial Finance.
According to GE, Vertis used this loan was to refinance its debtor-in-possession (DIP) financing upon the company’s emergence from a pre-packaged Chapter 11 bankruptcy.
In August, the U.S. Bankruptcy Court for the District of Delaware has approved Vertis’ prepackaged reorganization plan, as well as that for American Color Graphics. The approval clears the way for Vertis' merger with American Color Graphics.
Vertis filed a prepackaged reorganization plan on July 15. The reorganization plan included a $250 million senior secured revolving credit exit facility from GE Commercial Finance and a $400 million exit facility from Morgan Stanley Senior Funding Inc.
