Pitney Bowes (PBI) has provided an update.
Pitney Bowes Inc. is in the process of an orderly wind-down of its Global Ecommerce segment, with an affiliate of Hilco Commercial Industrial taking a majority voting interest in the segment’s primary holding entity. The company has also initiated Chapter 11 bankruptcy proceedings for this segment to manage the wind-down efficiently, while the rest of Pitney Bowes continues to operate normally. They have entered into various agreements to facilitate the restructuring, including a debtor-in-possession financing facility to aid in asset liquidation and creditor repayment. Moreover, the company has amended its credit and note purchase agreements to release the Ecommerce Debtors from their obligations, adjusting financial covenants and reducing available credit lines accordingly.
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