National Envelope Files for Chapter 7 Liquidation
After filing for Chapter 11 bankruptcy in the United States back in June 10, 2010, National Envelope Corporation, which two years ago described itself as the largest manufacturer of envelopes in the world, files for Chapter 7 liquidation.
A month after National Envelope Corporation (NEC) filed to restructure under Chapter 11 bankruptcy protection, the Texas-based company, on July 12, 2010, entered an asset purchase agreement with NEV Holdings, which is an affiliate of The Gores Group private equity firm. The asset purchase agreement was for total cash considerations of around $134,500,000 and the assumption of certain liabilities, including $20,000,000 in trade obligations.
The Gores Group then completed the acquisition in September 2010, at a time when National Envelope continued to describe itself as the largest envelope producer in the world, manufacturing 37 billion envelopes annually and generating revenues of around US$600 million. The company had 14 manufacturing facilities, two distribution centres and more than 3,000 employees in the U.S. and Canada (Ajax, Ontario).
As opposed to a Chapter 11 filing in the United States, in which a company typically receives debtor-in-possession financing to restructure, a Chapter 7 filing is a measure for the liquidation of a company – and the most common form of personal bankruptcy when someone has become insolvent.
National Envelope was founded in 1952 by William Ungar.
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