This could be much worse than the RMS Titanic. Here is why:
2224 were on board the Titanic, 1502 died, and there were only enough lifeboats for 1178. With Cenveo, there is about 8400 on board yet there are only enough life boats for 4 of them.
Mr B the party over:
-- Top-line revenue performance continued to be weak during the first
half of 2012 and the company has $98.5 million of 2013 maturities outstanding.
-- We are putting all ratings on Stamford, Conn.- based diversified
printing company Cenveo Inc., including our 'B' corporate credit rating, on
CreditWatch with negative implications.
-- The CreditWatch placement reflects our expectation that the 2013
maturities still outstanding at year-end 2012 will pose a significant risk.