Vertis files for Chapter 11 as Quad/Graphics bids to buy assets:
Vertis, which is expected to generate approximately $1.1bn in revenues and nearly $60m in adjusted EBITDA in 2012, issued a statement last week announcing its plan to file for bankruptcy and sell its assets to Quad/Graphics via a court-supervised auction.
The bankruptcy filing is the third since 2008 for US-based direct marketing giant Vertis, which sold off its UK operations in 2005, and comes just two years after it dumped $700m of debt in its previous Chapter 11 filing.
