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interested to see if volume picks up again tomorrow. get in now IMO. if they go private right out of the gate you'll miss the boat. This was $4 a share late in 17'
annual reports link:
http://cenveo.investorroom.com/annual_reports
The only way our money would become worthless here is if we were holding warrants which isn’t the case, there could be a hefty premium paid out to shareholders once this goes private. Research goes a long way :)
Glad to see u here :)
Absolutely correct 100% I’ve seen it done a few times in my short trading career but have never been apart of one. If that were the case it could be dollars easily
Bro shares don't get wiped out when a company goes private, they get bought out and almost always at a premium. That's why Tesla ran a bit when musk said he wanted to private. Check out the investopedia info I posted a couple posts back or verify that with your own DD
the word is privately held , not publicly! but the PR reads:
Upon its emergence from Chapter 11, the Company will be privately held with its largest shareholders .
so why buy into a company that won't be publicly traded just to have your shares wiped out ? what makes you believe it will still be traded as a private company?
It is this will get noticed bigly this weekend imo .04-.05 next week
***we have reached the stage in the last paragraph that I bolded and underlined. The restructuring went through, and I firmly believe we will see VASTLY higher share prices. This was $.25 per share in February, and now it'll have a way better Balance Sheet, and still be bringing in $2 billion a year in top of the line sales. Cenveo is NOT going to chapter 7. Emerging from chapter 11 later this month. Get in now and hold for a bit. This is money in the bank IMO. This blurb is from investopedia.
"What Happens to Equity Values?
When a corporation is on the verge of bankruptcy, its stock value will reflect the risk that a Chapter 11 may become a Chapter 7
For example, a company traded at $50 may trade at $2 per share due to bankruptcy speculation. If Chapter 11 is actually filed, the stock price may fall to 10 cents. This value is composed of the potential income that shareholders may receive after liquidation and a premium based on the possibility that the firm may restructure and begin to operate successfully in the future. Private investors can buy and sell these 10-cent shares in the OTC market. The actual value does not reach zero unless the probability of restructuring is so low that a Chapter 7 filing is sure to follow."
However, if the company restructures and emerges from Chapter 11 as an improved organization, its share price may rise to higher levels than previously witnessed."
good deal! no one knows about this company yet it seems so it's a prime time to buy IMO
I don't see how it's not very undervalued
It's pretty ridiculous. I will be pick up next week when I have the funds cleared.
good deal man. this bad boys is on clearance sale right now IMO. volume start to show up (granted the volume was almost nothing) but the news today picked things up. i keep going back to it, but they gross $2 Bil and the current market cap is $150,000!?!?!
(OS count of 8.5 mil x $.0168) that is ludacris
I’ll be buying next week when my bank is not frozen!
we're on a run today, coming out of chapter 11 later this month. I do not believe shares will be wiped out. They did chapter 11, more of a debt restructuring type of bankruptcy. Lots of buying today, so I think that helps confirm shares won't be wiped out.
$2 billion dollar company, currently with a market cap of $150,000.
hello upside!
do your own DD of course
ha! interesting read! thanks for sharing. quite the "clerical error" hahaha.
honestly though, census contract lost for $61 mil is a drop in the bucket for $2 billion dollar organization that has a much better balance sheet after chap 11 and is currently at a market capitalization of $150,000.
I didn't bet the house on this, but I think the reward for entering here could be VERY handsome.
$CVOVQ: Restructuring on Track...
GPO Investigation of 2020 US Census Printing Contract: Cenveo Allowed to Lower Bid, Its Financial Status Wasn't Vetted
By Mark Michelson
The Government Publishing Office was chastised by an internal report of how it awarded the Census contract to Cenveo.
The large red brick building that houses the GPO in Washington "was erected in 1903 and is unusual in being one of the few large, red brick government structures in a city where most government buildings are mostly marble and granite," according to Wikipedia.
The new deadline for submitting RFPs to the Government Publishing Office (GPO) to print, finish and mail letters, inserts, postcards, envelopes and questionnaire packets in English and Spanish for the 2020 U.S. Census is Sept. 10th - with the winning bid awarded by the GPO and U.S. Census Bureau to a contractor in November. One large print provider that won't be in the running in this latest round of RFPs for the GPO's single biggest contract, however, is Stamford, Conn.-based Cenveo.
Despite initially being awarded the $61 million term contract back on Oct. 16, 2017, the U.S. Justice Department, in conjunction with the Census Bureau and GPO, terminated the agreement due to concerns about Cenveo's liquidity and ability to complete the project in light of Cenveo's Chapter 11 bankruptcy filing.
Despite not being able to fulfill the contract, Cenveo didn't walk away empty-handed; a settlement agreement was negotiated to avoid litigation whereby Cenveo received a $5.5 million termination fee (payed by the Census Bureau) and payment for what initial Census test work it had completed. The two sides also agreed that Cenveo would still be allowed to bid on other GPO work and the agency has continued to award it contracts.
But that's not the end of the story about how the 2020 U.S. Census bid was mismanaged. A memorandum issued March 28, 2018, by the then-GPO Inspector General Michael Raponi following an internal investigation - and published within an NPR July 31st article (click here to view Raponi's memorandum) - revealed several procedural violations by GPO contracting officials. This included not performing simple due diligence to determine Cenveo's financial health (publicly held Cenveo had long been in poor financial shape due to its heavy debt load and, ultimately, filed for Chapter 11 bankruptcy protection just four months after being awarded the contract). But, perhaps even more egregious, the report said that someone in the GPO procurement department permitted Cenveo to lower its bid by about $9 million after the RFPs from other printers had been unsealed.
Related story: Commentary: Robert Burton Sr. Legacy at Cenveo Remains Tarnished Despite Reorganization, Retirement
GPO Report Finds Improper Handling of Cenveo Bid
"We noted contracting personnel did not follow key provisions in GPO's Printing Procurement Regulations (PPR) when awarding the contract," wrote Raponi in the investigatory report.
According to the memorandum, bids had been submitted for the 2020 Census contract by RR Donnelley, Taylor Corp., SG360° and Cenveo. SG360° was initially determined to be the low bidder, Raponi indicated, but the chairperson of GPO's Contract Review Board allowed SG360° to withdraw its bid and drop out of the running due to a mistake it had made in determining the pricing.
As part of its bid, Cenveo had input a decimal point in the wrong place ($1250000.0 instead of $125000.00) for the makeready pricing for each of the questionnaire forms. And, when the number shown was questioned by a GPO contracting employee, the printer claimed it had made a clerical error. Cenveo was then improperly allowed by a GPO contracting officer to alter its bid, the Inspector General investigation determined, which, in turn, made its final bid lower than what had been submitted by Taylor Corp.
The report indicated, "Based on the conflicting interpretations of the intended bid, it is clear that the clerical mistake in Cenveo’s bid was anything except 'apparent on its face in the bid,' and Cenveo’s claim should have been considered under PPR, Chapter XII, Certification and Award, Section 6, Mistakes in Bid, subsection 3, Other Mistakes Disclosed Before Award." Subsection 3 states:
(b) if a bidder requests permission to correct a mistake and clear and convincing evidence establishes both the existence of the mistake and the bid actually intended, the deciding official [the Managing Director, Customer Services, the CRB Chairperson, and/or another designee] may make a determination permitting the bidder to correct the mistake; provided, that if correction would result in displacing one or more lower bids, such a determination shall not be made unless the existence of the mistake and the bid actually intended are ascertainable substantially from the invitation and the bid itself.
Commentary: Where Was GPO Director Oversight?
Raponi's memorandum also appeared to show that his Inspector General-led investigation only included rank-and-file GPO employees. Although it did not indicate any wrongdoing by any top GPO officials, the irregularities and failure to follow procedure do raise a bigger question about the management and oversight at the highest levels at the GPO during that timeframe. Given the importance and size of the 2020 U.S. Census project, one has to wonder if the current director (formerly called the Public Printer) was overseeing and keeping a close watch of its status.
thought I'd reply to get this back on your radar. current market cap is 150,000 for a company that does $2 billion gross and had 72Mil in operating income in 16'.
restructuring through chapter 11 is huge IMO
http://cenveo.investorroom.com/annual_reports?item=66
annual report
now is the time to buy IMO
they ended up in bankruptcy from too many M&A's in too short of time. the restructuring will help immensely and they have had a ton of operating income in prior years
They have a huge envelope division, think office max/office depot, as well as labels for prescriptions and a commercial print division.
revamped balance sheet
guys this is $2 billion dollar gross company. They are emerging from chapter 11 later this month. OS count is 8.5 million. currently giving them a market cap of a whopping $143,000. In 16' they had operating income of $72,000,000. I put $500, but want to do a lot more than that. do your own DD of course.
good news on Bankruptcy. This company is a steal right now. They do $2billion a year and have millions in operating income
will these share trade up today or will CVOVQ be wiped out? I was thinking getting my feet wet just a bit . thoughts?
The Q will drop . Look out for major run @ open this Friday. Loading up first @ Market ask!
The Q will drop . Look out for major run @ open this Friday. Loading up first @ Market ask!
$CVOVQ: NEWS.... Reorganization Plan
Cenveo, Inc. Files Plan of Reorganization and Disclosure Statement
8:30 AM ET 4/3/18 | PR Newswire
RELATED QUOTES
Company on track to emerge from Chapter 11 in Late Q2
STAMFORD, Conn., April 3, 2018 /PRNewswire/ -- Cenveo, Inc. (OTCPK: CVOVQ) (the "Company"), a diversified manufacturer of print-related products including envelopes, custom labels, commercial print, and publisher solutions, today announced that it has filed a Chapter 11 plan of reorganization (the "Plan") and related disclosure statement ("Disclosure Statement") with the United States Bankruptcy Court for the Southern District of New York, White Plains. The Plan outlines a proposed path to strengthen the Company's balance sheet, increase its financial flexibility, and position it for long-term success.
"We are continuing to make significant progress as we enter the next phase of our restructuring," said Robert G. Burton, Sr., Cenveo's Chairman and Chief Executive Officer. "The Company's Plan represents a clear and viable path forward for Cenveo to establish a sustainable capital structure that supports future growth and investment in the business. We will continue to work closely with all of our stakeholders to refine the Plan, as this is a critical step to achieving our timeline of emerging from this restructuring process in the summer of 2018."
A hearing has been scheduled with the Court on May 16, 2018 to consider approval of the Disclosure Statement related to the Plan. Following Court approval of the Disclosure Statement, Cenveo will distribute the Plan and Disclosure Statement to voting creditors for their consideration.
This press release is not intended as solicitation for a vote on the Plan. The full terms of the Plan and Disclosure Statement, as well as the related pleadings, are available online at: https://cases.primeclerk.com/cenveo.
Cenveo's legal advisors are Kirkland & Ellis LLP. The Company's financial advisor is Rothschild, Inc., and its restructuring advisor is Zolfo Cooper LLC.
About Cenveo
Cenveo (OTCPK: CVOVQ), world headquartered in Stamford, Connecticut, is a leading global provider of print and related resources, offering world-class solutions in the areas of custom labels, envelopes, commercial print, content management and publisher solutions. The company provides a one-stop offering through services ranging from design and content management to fulfillment and distribution. With a worldwide distribution platform, we pride ourselves on delivering quality solutions and services every day for our more than 100,000 customers. For more information, please visit us at www.cenveo.com.
Cautionary Note Regarding the Chapter 11 Cases
The Company's stockholders are cautioned that the it is likely that the Company's stockholders will receive nothing in exchange for its common stock upon the Company's emergence from bankruptcy and the common stock will have no value and that trading in securities of the Company during the pendency of the Chapter 11 cases will be highly speculative and will pose substantial risks. It is possible the Company's outstanding securities may be cancelled and extinguished upon confirmation of a restructuring plan by the Bankruptcy Court. In such an event, the Company's stockholders and other security holders would not be entitled to receive or retain any cash, securities or other property on account of their cancelled securities. Trading prices for the Company's common stock and other securities may bear little or no relation to actual recovery, if any, by holders thereof in the Company's Chapter 11 cases. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.
Cautionary Note Regarding Forward-Looking Statements
This document contains certain forward-looking statements. These statements may be identified by the use of forward-looking terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "our vision," "plan," "potential," "preliminary," "predict," "should," "will," or "would" or the negative thereof or other variations thereof or other comparable terminology and include, but are not limited to, statements regarding the Company's expected motions to be filed in the Chapter 11 proceeding and the dispositions of such motions, continued operations and customer and supplier programs while in a Chapter 11 proceeding, cash needed to support our operations while in a Chapter 11 proceeding, ability to lower debt and interest payments, ability to operate while in a Chapter 11 proceeding, ability to pay our creditors, credit rating and ability to manage its pension obligations. We have based these forward-looking statements on our current expectations, assumptions, estimates and projections. While we believe these expectations, assumptions, estimates and projections are reasonable, such forward-looking statements are only predictions and involve known and unknown risks and uncertainties, many of which are beyond our control, including, but not limited to: the actions and decisions of our creditors and other third parties with interests in the Chapter 11 cases; our ability to maintain liquidity to fund our operations during the Chapter 11 cases; our ability to obtain Bankruptcy Court approvals in connection with the Chapter 11 cases; our ability to consummate any transactions once approved by the Bankruptcy Court and the time to consummation of such transactions; adjustments in the calculation of financial results for the quarter or year end, or the application of accounting principles; discovery of new information that alters expectations about financial results or impacts valuation methodologies underlying financial results; accounting changes required by United States generally accepted accounting principles; and other factors affecting the Company detailed from time to time in the Company's filings with the SEC that are available at www.sec.gov. These and other important factors may cause our actual results, performance, or achievements to differ materially from any future results, performance, or achievements expressed or implied by these forward-looking statements. For a list and description of such risks and uncertainties, please refer to Cenveo's filings with the SEC that are available at www.sec.gov and in particular, our 2016 Form 10-K filed with the SEC on February 23, 2017. We caution you that the list of important factors included in our SEC filings may not contain all of the material factors that are important to you. In addition, in light of these risks and uncertainties, the matters referred to in the forward-looking statements contained in this document may not in fact occur. Cenveo disclaims any intention or obligation to update or revise any forward-looking statements as a result of new information, future events or otherwise, except as otherwise required by law.
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View original content with multimedia:www.prnewswire.com/news-releases/cenveo-inc-files-plan-of-reorganization-and-disclosure-statement-300623192.html
SOURCE Cenveo, Inc.
/Web site: http://www.cenveo.com
> Dow Jones Newswires
April 03, 2018 08:30 ET (12:30 GMT)
Will these shares be wiped out in banrupcy
Cenveo, Inc. Receives Final Approval For $290 Million In DIP Financing
Emergence from Chapter 11 Expected in Late Q2
STAMFORD, Conn., March 7, 2018 /PRNewswire/ -- Cenveo, Inc. (OTCPK: CVOVQ) (the "Company"), a diversified manufacturer of print-related products including envelopes, custom labels, commercial print, and publisher solutions, today announced that the U.S. Bankruptcy Court for the Southern District of New York, White Plains has given final approval of the Company's $290 million debtor-in-possession ("DIP") financing to support and grow its business.
https://mma.prnewswire.com/media/641787/Cenveo.jpg
The financing ensures that suppliers and other business partners are paid in a timely manner for goods and services provided during the reorganization process, in accordance with customary terms.
"This is a critical milestone for Cenveo in these Chapter 11 cases and a step forward in achieving the plan we outlined when we filed in early February. Today's decision assures that it remains business as usual at Cenveo," said Robert G. Burton, Sr. "We look forward to filing our plan of reorganization by the end of March. Pursuant to the Restructuring Support Agreement, which was entered into before filing for Chapter 11, this plan already has the critical support of over 61% of the required 66.7% of our first lien noteholders prior to the commencement of the solicitation of the plan of reorganization. The transaction embodied in the Restructuring Support Agreement will, once approved, reduce our leverage by approximately $700 million, and allow us to quickly emerge from this process with a stronger balance sheet to support the Company's long-term success, benefiting our valued customers, business partners, and employees in the years ahead."
Additional information on the Company's restructuring can be found at www.cenveo.com/restructuring or by calling the Company's toll-free Restructuring Information Line at (844) 219-2678 (or, if you are calling from outside the U.S. or Canada, at +1 (646) 813-2946). Information about the claims process will also be available at https://cases.primeclerk.com/cenveo.
CVO changed to CVOVQ. Delisted from the Nasdaq to the OTC:
http://otce.finra.org/DLAdditions
Dead cat bound on Wednesday!!
There's a chance CVO will trade above its pre-bankruptcy price within this month. IT WILL BE FUN...LOTS OF FUN. Unfortunately I saw this later after all my trades are in and I managed to buy 35600 on cash. Monday...another 35000 or more.
R=The only reason I bought 35000 shares is the shorting. Most folks short a company prior to bankruptcy and cover after bankruptcy. But here, these IDIOTS are shorting after bankruptcy and for a company that has really no shares. These fools shorted 50% of float today. CVO WILL SEE $1!!!
Meant to say bot at $0.27. More at $0.24. So, since we are going to zero why are the CLUELESS sellers not filling it all the way down??? GET OUTTTA HERE
Bot a couple of thousands at $0.37. CVO will still see $0.60 to $1 when this noise settles. People would twist as always that sold to these shorts
Seems like it pays out at 35
If this gets up to 35 it going to be on fire today
Where did you see that?
1 day chart looks impressive. Ascending triangle w/ wall at 1.50. Might pop?
Running again but on higher volume than last time.. it burnt a few ppl last time. hmmmm wonder what will it do goin into tomor this time..
Glad I am holding my other half for the real party?? Gl...
That was earlier this month. Im not holding this any longer but you are ok. This will run out of nowhere sometimes so just hold and wait til next 25% plus run but you will have to watch close. It happens fast. Follow europ, looks like he is in. This one makes no sense when it runs, it just does.
Why tomorrow? Very disappointed today
Tomorrow will be good
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STAMFORD, Conn., Aug. 16, 2018 /PRNewswire/ -- Cenveo, Inc. (OTCPK: CVOVQ) (the "Company"), a diversified manufacturer of print-related products including envelopes, custom labels, commercial print, and publisher solutions, today announced that the United States Bankruptcy Court for the Southern District of New York has confirmed its plan of reorganization (the "Plan"), paving the way for the Company to emerge from Chapter 11 in the coming weeks.
The terms of the Plan will enable the Company to exit Chapter 11 with a substantially deleveraged balance sheet and increased liquidity, allowing the Company to focus on its operations and grow its businesses. Prior to filing for Chapter 11, the Company's liabilities included approximately $1.1 billion in funded debt. Upon emergence, the Company's funded debt will be reduced by over $800 million to approximately $325 million.
The Company commenced solicitation of votes for approval of its Plan earlier this summer and Cenveo's Plan was approved by an overwhelming majority of its entire creditor body. Approximately 97% of Cenveo's first lien secured noteholders (the "First Lien Holders"), 100% of its second lien noteholders, including the largest holder, Brigade Capital Management, and approximately 91% of general unsecured creditors all voted to approve Cenveo's Plan. These numbers represent overwhelming support from Cenveo's creditors for the Plan.
The Plan was the result of the Company's global settlement with its various creditor groups and the Unsecured Creditors' Committee, including the Pension Benefit Guaranty Corporation, certain unions, and the indenture trustee for the unsecured noteholders.
Upon its emergence from Chapter 11, the Company will be privately held with its largest shareholders comprised of institutional investors with tens of billions of dollars of capital under management. Additionally, the Company has entered into a commitment for a $175 million asset based revolving credit facility and is expected to only have approximately $68 million used upon emergence creating $65 million of liquidity when coupled with the expected cash on hand on the emergence date.
The Company was advised by Kirkland & Ellis LLP as legal counsel, and Greenhill & Co., Rothschild Inc. and Zolfo Cooper, LLC as investment bankers and financial advisors.
Cenveo (OTCPK: CVOVQ), world headquartered in Stamford, Connecticut, is a leading global provider of print and related resources, offering world-class solutions in the areas of custom labels, envelopes, commercial print, content management and publisher solutions. The Company provides a one-stop offering through services ranging from design and content management to fulfillment and distribution. With a worldwide distribution platform, we pride ourselves on delivering quality solutions and service every day to our customers. For more information please visit us at www.cenveo.com.
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