Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

NE Opco Wins Approval to Sell Assets for $70 Million

NE Opco Inc., the largest closely held envelope maker in North America, won court approval to sell virtually all its assets to three separate buyers for a total of about $70 million.

U.S. Bankruptcy Judge Christopher Sontchi today granted the company, which does business as National Envelope, permission to sell its envelope business to Cenveo Inc. for about $33 million.

Cenveo, based in Stamford, Connecticut, will pay $25 million in cash and $5 million in stock, Perry Mandarino, NE Opco’s financial adviser with PricewaterhouseCoopers LLP, testified at a hearing in Wilmington, Delaware. Cenveo also will take over a portion of the bankruptcy financing.

“Cenveo was the only game in town other than liquidation,” Mandarino said. The purchase will save more than 1,500 jobs, or about 95 percent of NE Opco’s total, he said.

Hilco Receivables will buy NE Opco’s accounts receivables for about $22 million and Southern Paper LLC will acquire inventory for about $15 million, according to court documents and Mandarino’s testimony.

The envelope maker sought Chapter 11 protection June 10 for the second time as the Internet supplants mail for communications. The Frisco, Texas-based company listed as much as $500 million in both assets and liabilities.

Private-equity firm Gores Group LLC bought virtually all of National Envelope’s assets in its first bankruptcy at an August 2010 auction for about $208 million.

NE Opco has eight plants and two distribution centers capable of producing 37 billion envelopes a year, giving it a 15 percent share of the U.S market.

The case is In re NE Opco Inc. 13-bk-11483, U.S. Bankruptcy Court, District of Delaware (Wilmington).

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.