Pitney Bowes Has Exited the Global Ecommerce Logistics Business

GEC – Now Renamed DRF Logistics (“DRF”) – Will Execute an Orderly Wind-Down as Overseen by Hilco

Pitney Bowes has sold a controlling interest in DRF to an affiliate of Hilco Global after determining this path is in the best interests of stakeholders.

DRF will execute an efficient termination of operations under the protection of Chapter 11 of the U.S. Bankruptcy Code as managed by Hilco.

Read Our Press Release
Read Our Press Release
WHAT DOES THIS MEAN FOR DRF CUSTOMERS?

WHAT DOES THIS MEAN FOR DRF CUSTOMERS?

  • Customers doing business with GEC automatically become DRF customers.
  • DRF facilities will accept new packages until 12pm (local time) on August 17th, 2024.
  • Payment for all invoices is due per your previously agreed-upon terms by the same means.
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WHAT DOES THIS MEAN FOR DRF VENDORS?

WHAT DOES THIS MEAN FOR DRF VENDORS?

  • All contracts with DRF are subject to the Chapter 11 process.
  • DRF intends to continue working closely with its vendors and pay for goods and services delivered after the filing under normal terms.
Learn more
WHAT DOES THIS MEAN FOR OTHER PITNEY BOWES CUSTOMERS AND VENDORS?

WHAT DOES THIS MEAN FOR OTHER PITNEY BOWES CUSTOMERS AND VENDORS?

  • There is no impact to your relationship with Pitney Bowes.
  • DRF intends to continue payment for services already provided in accordance with existing contract terms.
  • Pitney Bowes is positioned to thrive with increased focus on its SendTech, Presort and Financial Services businesses.
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WHAT DOES THIS MEAN FOR THE PITNEY BOWES BANK?

WHAT DOES THIS MEAN FOR THE PITNEY BOWES BANK?

  • Customer deposits are safe and are not at risk as a result of the actions to exit DRF.
  • This decision and actions do not affect the Pitney Bowes Bank.
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Process Timeline

May 22, 2024

Pitney Bowes Announces the Acceleration of the Board’s Review of Alternatives for GEC

1
2

May – August 2024

Board Conducts Comprehensive Review of Alternatives for GEC

August 8, 2024

Pitney Bowes Sells Majority Stake in DRF to Hilco

3
4

August – Early 2025

DRF Wind-Down Period

FAQs

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Resources

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For more information on the Chapter 11 bankruptcy process, please visit https://cases.stretto.com/DRFLogistics.

Chapter 11 Claims Agent

Stretto:
DRFInquiries@stretto.com

Toll-Free Case Hotline Number:
(855) 314-0664

International Case Hotline Number:
(714) 716-1968
‍
‍https://cases.stretto.com/DRFLogistics

Media Inquiries

Longacre Square Partners
Joe Germani / Jessica McDougall
‍jgermani@longacresquare.com / jmcdougall@longacresquare.com

Investor Relations

Alex Brown
‍investorrelations@pb.com

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