Perelman’s Vericast Seeks Approval From Lenders for Asset Sale

Ronald Perelman’s Vericast Corp. asked lenders to waive a covenant in preparation for a deal to sell its digital and print marketing division to R.R. Donnelley & Sons Co., according to people with knowledge of the matter.

The sale of Valassis for $1.35 billion would largely come in the form of debt forgiveness by Chatham Asset Management, said the people, who asked not to be identified discussing a private matter. The investment firm is Vericast’s largest creditor and also owns R.R. Donnelley.

The arrangement calls for Chatham to retire around $1.2 billion of debt that it ...