Vertis Holdings, Inc. and 7 associated debtorsFN1 (the “Debtors”) filed voluntary petitions under Chapter 11 of the Bankruptcy Code on October 10, 2012 in the Bankruptcy Court for the District of Delaware (Case No. 12-12821). The Honorable Judge Christopher S. Sontchi has been assigned to the case. This initial note provides the Debtors’ consolidated list of their 30 largest unsecured creditors.
First day motions and other filings are available on the site for the Vertis bankruptcy being maintained by the claims agent, KCC.
The Debtors' Consolidated List of Holders of Largest Unsecured Claims
The Debtors' have requested authority to file a consolidated list of the holders of the Debtors' largest unsecured claims in lieu of a separate list for each of the Debtors. The consolidated list is set forth below. The Debtors' list did not identify any claims that were “Contingent, unliquidated, disputed, or subject to setoff”. Accordingly that column is omitted.
| Listed | Name of creditor | Nature of claim (trade debt, bank loan, government contract, etc.) | Amount of claim if secured, also the value of the security |
|---|---|---|---|
| 01 | Pension Benefit Guaranty Corporation | Pension Benefit | NaN |
| 02 | Abitibi Bowater | Trade Debt | $19,444,844 |
| 03 | Sun Chemical Corporation | Trade Debt | $18,660,065 |
| 04 | Catalyst Paper | Trade Debt | $5,037,702 |
| 05 | Valassis Direct Mail | Media Payable Liability | $2,766,489 |
| 06 | OneMain Financial | Direct Mail Postage Program | $1,416,665 |
| 07 | NewPage Corporation | Trade Debt | $1,194,247 |
| 08 | Evergreen Packaging | Trade Debt | $922,146 |
| 09 | Eastman Kodak | Trade Debt | $911,038 |
| 10 | CBA Industries | Media Payable Liability | $868,352 |
| 11 | ER Smith Associates Inc. | Trade Debt | $850,250 |
| 12 | United Parcel Service | Trade Debt | $813,631 |
| 13 | White Birch Paper Company | Trade Debt | $795,673 |
| 14 | Norpac Paper Company | Trade Debt | $736,885 |
| 15 | ALG Worldwide Logistics LLC | Trade Debt | $688,522 |
| 16 | Boise White Paper LLC | Trade Debt | $643,397 |
| 17 | NRTW | Direct Mail Postage Program | $636,549 |
| 18 | Punch Graphix Americas | Trade Debt | $627,184 |
| 19 | FedEx Freight East | Trade Debt | $604,209 |
| 20 | Xpedx | Trade Debt | $548,810 |
| 21 | The Washington Post | Media Payable Liability | $502,875 |
| 22 | Chicago Tribune | Media Payable Liability | $489,302 |
| 23 | Kruger Inc. | Trade Debt | $455,812 |
| 24 | The Baltimore Sun | Media Payable | $445,942 |
| 25 | SP Newsprint Co. | Trade Debt | $434,825 |
| 26 | Futuremark Paper | Trade Debt | $433,148 |
| 27 | Tembec | Trade Debt | $397,084 |
| 28 | Sun Chemical Ltd. Canada | Trade Debt | $372,202 |
| 29 | Verso Paper | Trade Debt | $358,646 |
| 30 | Monroe Staffing Services | Trade Debt | $319,831 |
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The list does not include: (1) persons who come within the definition of “insider”); or (2) secured creditors, unless the value of the collateral is such that the unsecured deficiency places the creditor among the holders of the largest unsecured claims.
Bankruptcy Rule 1007(d) provides that a debtor shall file “a list containing the name, address and claim of the creditors that hold the 20 largest unsecured claims, excluding insiders.” Fed. R. Bankr. P. 1007(d). In the case of a multi-debtor filing, it is likely that many creditors are shared among certain of the debtors. This is especially the case where the debtors operate as a single business enterprise. Under these circumstances and provided that there is a request for joint administration, it is common for multiple, related debtors to request authority to file a single, consolidated list of their collective largest general unsecured creditors. These requests usually are granted by the bankruptcy court.
The Top Unsecured Creditor List is never to be considered a waiver of any defense to or “allowability” of a listed claim or an admission of the amount of any listed claim. It is common for the amount of the claims to shift and sometimes a claim that is initially is undisputed is later disputed. Creditors should always consult the official claims register.
FN1Vertis Holdings, Inc. 12-12821; Webcraft, LLC 12-12822; Vertis, Inc. 12-12823; Mail Efficiency, LLC 12-12824; Vertis Newark, LLC 12-12825; American Color Graphics, Inc. 12-12826; 5 Digit Plus, LLC 12-12827; and ACG Holdings, Inc. 12-12828