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Perelman’s Vericast Gets $2.85 Billion Bid From Chatham (1)

May 16, 2022, 3:44 PM

One of the largest creditors of Ronald Perelman’s Vericast Corp. has submitted a $2.85 billion bid to acquire the company.

Chatham Asset Management sent a letter indicating interest in purchasing the marketing firm formerly known as Harland Clarke Holdings Corp. from Perelman’s holding company MacAndrews & Forbesfor a price equivalent to Vericast’s debt load, according to a copy of the letter seen by Bloomberg.

The New Jersey-based credit investment firm owns nearly half of Vericast’s debt, including a majority of the company’s 11% first-lien senior secured notes due 2026 and nearly all of its 13% second-lien senior ...