Pitney Bowes in Pact to Shed Global Ecommerce Segment

Pitney Bowes said it sold a controlling interest in the entities representing a substantial majority of the Global Ecommerce segment operating in the U.S. to Hilco Commercial Industrial.

• To support a liquidation of certain of the GEC entities under the protection of Chapter 11
• Expects this exit path to eliminate substantially all of the losses associated with GEC, which were equal to ~$136m for 2023
• Pitney Bowes to provide the GEC Entities ~$45m in DIP financing
• Pitney Bowes sees one-time cash costs not to exceed ~$150m
• Sees wind-down process concluding in early 2025
• NOTE: Pitney Bowes: Working to Conclude Global ...