Cenveo files for protection
The parent company of a Williamsburg envelope manufacturer has filed for protection under federal bankruptcy laws. Cenveo Inc. filed to reorganize under bankruptcy laws on Feb. 2. Reuters reported that the company is struggling under $1 billion in debt.
MeadWestvaco Corp. sold its envelope business, including the Williamsburg plant, to Cenveo in 2011.
Cenveo blamed electronic billing and advertising for cutting demand for products, Reuters said.
The company has an agreement with creditors to cut about $700 million in debt and has secured
$290 million in debtor-in-possession financing to continue its operations.