UNIONDALE, NY June 10, 2010 – National Envelope Corporation announced today National Envelope and its affiliates filed voluntary petitions under Chapter 11 of the Bankruptcy Code. The company has taken this action to implement a financial restructuring that will provide the flexibility and support to complete the operational restructuring already underway.
National Envelope expects to continue to operate in the normal course of business during the Chapter 11 reorganization process. All of the company’s facilities are open and continuing to serve customers as usual.
Stephen Gawrylewski, Chief Restructuring Officer/ Interim CEO for the company, said: “The strategic reorganizing of National Envelope is well underway. We have been constrained by our capital structure and by the unprecedented economic slowdown. We intend to use the court-supervised Chapter 11 process to develop and implement a new capital structure that will optimize the financial benefits of the operating restructuring currently underway. Fortunately, the fundamentals of our business remain strong and provide an excellent foundation for the future. We expect that National Envelope will emerge from its Chapter 11 reorganization well-positioned for profitable growth.”
About National Envelope Corporation
Uniondale, NY based National Envelope Corporation is the largest manufacturer of envelopes in the world with 14 manufacturing facilities and 2 distribution centers and approximately 3,500 employees in the U.S. and Canada. The company is an environmental leader in the paper and envelope converting industries with certifications from the Forest Stewardship Council (FSC), Rainforest Alliance, Sustainable Forestry Initiative (SFI), Programme for the Endorsement of Forest Certification (PEFC), Chlorine Free Products Association, and Green Seal. For more information on National Envelope please visit www.nationalenvelope.com.
Source: WorldPressOnline
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