Envelope Maker Wins Approval of Bankruptcy Financing
Posted on Aug 6, 2010 2:00pm PDT
National Envelope Corp. has won court permission to borrow up to $25 million in order to fund its bankruptcy while it auctions itself off. The envelop maker has agreed to sell itself since filing for bankruptcy. There is a lead bidder at $134.5 million, but the company wants to see if there will be any higher bidders. NEC has listed its debt at as much as $500 million.
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