Vertis files for Chapter 11 bankruptcy

Vertis Holdings Inc. of Baltimore said Thursday that it filed for voluntary bankruptcy protection as part of an effort to reduce approximately 60 percent – or $700 million – of its debt.

The company, which offers advertising inserts and direct marketing solutions, is embarking on a "pre-packaged" bankruptcy plan, where the debtor and creditors have already negotiated a reorganization plan, which includes $600 million in financing from Morgan Stanley and GE Capital. The company expects to emerge from bankruptcy in about two months.

The company completed a similar pre-packaged bankruptcy two years ago when it merged with a competitor.

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