Cenveo Bows Out of Bid for National Envelope

"Despite offering the unsecured creditors what we believed to be the highest potential recovery out of all the bids at the auction, it became very clear to us that the debtors and the creditors' committee were requiring significantly more in cash and guarantees from Cenveo than from the other bidders and seeking to saddle Cenveo with unacceptable risk that no other bidders were being asked to bear," Burton revealed in a statement. "Under those circumstances, Cenveo had no interest in acquiring these assets. We feel we can generate substantially higher returns by just executing our game plan with our superior management team and winning in the marketplace rather than by overpaying for any business.