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.
