Vertis Holdings Submits Voluntary, Pre-Packaged Chapter 11 Filing

Early voting results as of Nov. 15, 2010, the deadline by which eligible note holders were required to vote in order to receive a consent payment, indicated a low likelihood of reaching the 98% participation levels established in the out-of court exchange offers. Vertis thus determined that commencing a voluntary prepackaged filing prior to the Dec. 1, 2010, voting deadline was the right path to complete its recapitalization in the near term. As of Nov. 17, 2010, the company has received overwhelming acceptances of its Plan of Reorganization. Specifically, of those holders of Second Lien Notes that have voted on the Plan, 98.29% in aggregate principal amount of the Second Lien Notes have voted to accept the Plan. Of those holders of Senior PIK Notes that have voted on the Plan, 99.98 percent in aggregate principal amount of the Senior PIK Notes have voted to accept the Plan.