National Envelope Company Bankruptcy Details

A Bloomberg story has more details on the bankruptcy that provides some guidance as to how tough the decline in mail has been on the envelope business. NEC began defaulting on the bank loan agreement in 2007.  The problems facing produces of envelopes to be mailed began showing up well before the recession.  In May, the lenders called a default on the latest forbearance agreement when a buyer wasn’t signed to a letter of intent before the May 12 deadline. NEC received four bids in early May after extensive marketing, according to court papers. Assets and debt are both less than $500 million, according to the bankruptcy petition. Liabilities include [...]