National Envelope Secures Financing, Sees Strong Support
Frisco, Texas-based National Envelope, the nation’s largest, privately-held envelope manufacturer, secured more than $65 million in DIP (Debtor In Possession) financing and saw a strong outpouring of support from business partners after filing for Chapter 11 bankruptcy protection last Monday and obtaining court approval of first day motions on Tuesday.
“We continue to be focused on the needs of our customers, and we are receiving an overwhelming level of support from them and from our employees and local government officials in the cities where we operate, as well as our suppliers,” said CEO, Jim Pinto. “We have been honored by the response we’ve received over the past few days, and we are grateful to have partners so dedicated to our mutual success.”
Despite speculation and misinformation present in the marketplace, National Envelope has no plans to close any facilities or conduct layoffs, and it is continuing operations, conducting business as usual.
With several interested potential buyers, the company is anticipating a smooth sale process.
For more information, visit www.nationalenvelope.com.