Chesapeake Corp. (fka CSKEQ)

[monda2frida]

13:34 CSKEQ Chesapeake Corporation Common Stock 5/4/2011 100 Plan of Bankruptcy Effective; All shares have been cancelled; Deletion Time 13:22:02 **

[HDOGTX]

8k for today

http://pro.edgar-online.com/displayfilinginfo.aspx?FilingID=7380012-1044-7979&type=sect&TabIndex=2&companyid=4063&ppu=%252fDashboard.aspx

[blukky]

Waiting for some breaking NEWS.

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12/29/08 Chesapeake Corp. Lender group led by Wachovia Corp. $37.1M Received interim approval to use $18.5 million of $37.1 million loan

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WTF!

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Waiting and waiting....

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yes, got some at 0,012; lets hope the best fur spring

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exactly schedule:

March 9, 2009 Deadline for interested parties to provide the
Company with an executed Confidentiality Agreement
and Proof of Financial Ability to Perform

March 17, 2009 Deadline for submitting Qualified Bids
(12:00 p.m. Eastern)

March 18, 2009 Delivery by Company of Baseline Bid notice
(12:00 p.m. Eastern)

March 18, 2009 Deadline for election to participate in the Auction
(5:00 p.m. Eastern)

March 19, 2009 Commencement of the Auction
(9:00 a.m. Eastern)

March 23, 2009 Sale Hearing Date
(11:00 a.m. Eastern)

April 3, 2009 Expected Closing Date

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Thats OK I have some people who will appreciate the slow start so they can get in under .03

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Slow start, should see some big blocks hitting soon!

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Thanks for the chart.

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Chart

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23-Jan-2009 Form 8-K for CHESAPEAKE CORP /VA/


--------------------------------------------------------------------------------

23-Jan-2009

Entry into a Material Definitive Agreement, Other Events, Financial Statemen



ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On January 16, 2009, Chesapeake Corporation (the "Company") and certain of its subsidiaries entered into an amendment ("the Amendment") to the Third Amended and Restated Credit Agreement with the banks named therein as lenders and Wachovia Bank, National Association, as administrative agent. Under the Amendment, the lenders agreed to extend the date for entry of the bidding procedures order by the United States Bankruptcy Court for the Eastern District of Virginia in Richmond (the "Bankruptcy Court") until January 20, 2009, or, in the sole discretion of the administrative agent, until January 23, 2009.

The Bidding Procedures Order, which is described in Item 8.01 below, was entered by the Bankruptcy Court on January 20, 2009.

The foregoing description of the Amendment does not purport to be complete and is qualified in its entirety by reference to the Amendment, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.





ITEM 8.01 OTHER EVENTS
On January 20, 2009, the Bankruptcy Court entered an order (the "Bidding Procedures Order") (i) approving the bid procedures relating to the sale of substantially all of the assets of the Company and its U.S. operating subsidiaries, (ii) scheduling a hearing to consider the sale, (iii) approving the form and manner of notice of the sale by auction, (iv) establishing procedures for noticing and determining cure amounts and (v) granting related relief.

The Bidding Procedures Order established the following material dates with respect to the sale of the assets of the Company and its U.S. operating subsidiaries:


March 9, 2009 Deadline for interested parties to provide the
Company with an executed Confidentiality Agreement
and Proof of Financial Ability to Perform

March 17, 2009 Deadline for submitting Qualified Bids
(12:00 p.m. Eastern)

March 18, 2009 Delivery by Company of Baseline Bid notice
(12:00 p.m. Eastern)

March 18, 2009 Deadline for election to participate in the Auction
(5:00 p.m. Eastern)

March 19, 2009 Commencement of the Auction
(9:00 a.m. Eastern)

March 23, 2009 Sale Hearing Date
(11:00 a.m. Eastern)

April 3, 2009 Expected Closing Date






--------------------------------------------------------------------------------

The foregoing description of the Bidding Procedures Order does not purport to be complete and is qualified in its entirety by reference to the Bidding Procedures Order, a copy of which can be accessed at www.kccllc.net/chesapeake.





ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(c) Exhibits

10.1 Amendment No. 1, dated as of January 16, 2009, to the Third Amended and Restated Credit Agreement among Chesapeake Corporation, as the Parent, Chesapeake UK Holdings Limited, Boxmore International Limited, and Chesapeake plc, as the Post-Petition Borrowers, various financial institutions and other persons from time to time parties thereto, as the Lenders, and Wachovia Bank, National Association, as the Administrative Agent for the Lenders

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I have been locked and loaded for a while now!

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Just loaded up!

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I am looking for a run here.

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.015 hope its headed back up.

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Bid uptick

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The sells at the bid are so small. I think they do it just to bring it down.

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interesting area there; 52wk low at 0,015
strong watching if PPS keeps tanking

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Wednesday January 21, 2009 03:16:26 EST
Judge sets auction date for Chesapeake
Jan 21, 2009 (Richmond Times-Dispatch - McClatchy-Tribune Information Services via COMTEX News Network) --
Richmond-based packaging company Chesapeake Corp. will close on a sale of its business units April 3, under a plan approved by a bankruptcy court judge yesterday.

The company, which filed for Chapter 11 bankruptcy protection Dec. 30, is planning to sell its subsidiaries as a going concern to an investment group if a higher bid does not come forward at a court-supervised auction.

Chesapeake had sought a bidding deadline of Feb. 20 for its assets and wanted to close on a sale in March, but the proposal ran into resistance from the company's unsecured creditors, who argued in court that the process was being rushed and that the company had not devoted enough time to finding potential buyers.

Under an agreement between the company and creditors approved by the court yesterday, the bidding deadline would be March 17, with an auction set for March 19, a sale hearing on March 23 and a closing date of April 3.

Chesapeake has headquarters in Richmond but operates mostly in Europe, where the company has subsidiaries that make packaging for products such as pharmaceuticals, beverages, confectionery and spirits.

In its bankruptcy filings, the company said it could no longer support about $521 million in borrowed debt because of the economic downturn and difficulty obtaining financing.

The company submitted a so-called "stalking horse" plan to sell its businesses as a going concern for $485 million to investment firms including New York-based Irving Place Capital Management LP and California-based Oaktree Capital Management LP.

The acquisition would help the company pay off debts, including about $246 million in asset-secured bank loans.

It also includes deductions such as about $181 million for foreign pension obligations.

------

Contact John Reid Blackwell at [phone] or [e-mail].

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I am looking to get in this one!

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I think it should go to those levels or close to that at least.

[blukky]

I got in early in November '08 @ 0.08 average. Hope that this may go up to this levels again to exit without a loss.

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If I did not think that I would not have bought.LOL

[blukky]

Is there any chance at all that this PPS wil go up in the next view weeks? Anyone care to comment about? TIA

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Yes I looks great for next week. Something to look forward too.

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financing provided by Wachovia Bank, one of the Nations strongest banks

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Bankruptcy judge approves Chesapeake financing

Dec 30, 2008 (Richmond Times-Dispatch - McClatchy-Tribune Information Services via COMTEX) -- A federal bankruptcy judge today approved financing for Richmond-based Chesapeake Corp to keep its businesses operating as the company seeks to sell its assets.
The specialty packaging company, struggling with a heavy debt load and difficulty raising capital, filed for Chapter 11 bankruptcy protection Monday. It plans to sell itself to a group of investors for about $485 million unless another buyer emerges and makes a higher bid at auction.

U.S. Bankruptcy Judge Frank J. Santoro approved a motion for $18.5 million in debtor-in-possession financing provided by Wachovia Bank.

Chesapeake is based in Richmond, but most of its operations are in Europe, where it makes specialty packaging for health care, food and beverage products. The investors, including Irving Place Capital Management LP and Oaktree Capital Management LP, plan to buy the company's U.S. assets and the stock of its foreign subsidiaries and keep the businesses in operation.

In its chapter 11 filing, Chesapeake listed total assets of $936.6 million and total debts of and $937.1 million.

"After exploring a range of possible alternatives to improve our balance sheet and maintain the liquidity we need to operate our businesses in an extremely difficult economic environment, the management and board of directors of Chesapeake concluded that a court-supervised sale of our business operations is in the best interest of the company and its stakeholders," said Andrew J. Kohut, the company's president and chief executive officer, in a statement.

Chesapeake operated a paper mill in West Point for decades but sold the plant in 1997 as part of a strategic shift to exit the commodity paper products business. In 1999 and 2000, the company acquired several European-based businesses. In the United States, the company makes leaflets and labels at plants in Hicksville, N.Y., and Lexington and Raleigh, N.C., that altogether employ more than 200 people.

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Chesapeake Corp.
James Center II
1021 East Cary Street
Richmond, VA 23219

http://www.cskcorp.com

Phone: [phone]
Fax: [phone]


OTC Market Tier
Pink Sheets Current
Primary SIC — Industry Classification
2650 - Paperboard Containers & Boxes
State Of Incorporation
VA
Jurisdiction Of Incorporation
United States
Company Officers
Andrew J. Kohut, President, CEO
J. P. Causey Jr., EVP, Secretary, General Counsel
Joel K. Mostrom, EVP, CFO

SEC Reporting Status
SEC Reporting Company
CIK
0000019731
Fiscal Year End
12/28
Estimated Market Cap
$462,618 as of Jan 15, 2009
Outstanding Shares
20,560,782 as of Aug 1, 2008
Number of Share Holders of Record
4,019 as of Mar 6, 2008
Dividends
Div: $.22 per qt.;
Ex-Date: Jul 10, 2002
Pay Date: Aug 15, 2002
Record Date: Jul 12, 2002
Company Notes
Formerly=Chesapeake Corp. of Virginia to 4-84
Security Notes
Latest Block Issue=2-60 20,000 shs at $39 by Blyth & Co., Inc
Par Changed=4-84 $5 to $1 Basis: sh for sh
Capital Change=9-87 shs increased by 2 for 1 split
Latest Addt'l Issue=3-92 2,500,000 shs at $25 by Goldman, Sachs & Co.
Transfer Agent
Computershare Investor Services LLC
2 North LaSalle Street
Chicago, IL 60602

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Chesapeake Corp. bid procedures to be set next week

Jan 13, 2009 (Richmond Times-Dispatch - McClatchy-Tribune Information Services via COMTEX) -- A federal bankruptcy court judge set Jan. 20 as the date to establish bidding procedures on Chesapeake Corp.'s business units.
The Richmond-based packaging company filed for Chapter 11 bankruptcy protection Dec. 30 and is seeking to sell itself to a group of investment firms if another bidder does not come forward.

Chesapeake sought to establish bidding procedures yesterday, but U.S. Bankruptcy Judge Frank J. Santoro set a final hearing for Jan. 20 after lawyers for the company's unsecured creditors objected that the company was seeking to move the sale process too quickly and that creditors needed more time to review the process and potential options.

The investment firms Irving Place Capital Management LP and Oaktree Capital Management LP have a contract to buy Chesapeake's business units for $485 million unless another buyer emerges.

Chesapeake has its headquarters in Richmond, but most of its business units operate in Europe, where the company makes plastic and paperboard packaging for pharmaceuticals, liquor, candy and other consumer products.

-- John Reid Blackwell

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Free l2 here for CSKEQ here:

http://pinksheets.com/pink/quote/quote.jsp?symbol=cskeq

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Chart

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52wk low is .015

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Nice update, thanks!

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CSKEQ Buyout firms Irving Place Capital Management L.P. and Oaktree Capital Management L.P. have agreed to buy Chesapeake for about $485 million, subject to higher bids at auction. The firms plan to keep the company's doors open and run the business as a going concern upon completion of the sale.
The company wants to conduct an auction by Feb. 23.
Chesapeake filed for Chapter 11 protection last month, unable to pay the interest on its debt of more than $520 million. In court papers, Chief Executive Andrew J. Kohut said the company paid about $50 million in interest a year on its debt.
Chesapeake began in 1918 as a pulp and paper mill in West Point, Va., and grew into a publicly traded paper and packaging operation. The company is based in Richmond, but most of its operations are overseas. It employs 5,400 people worldwide in Europe, North America, Africa and Asia.

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got a little starter @ 0,022; GLTA

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Chesapeake Corp. (CSKE), a specialty packaging manufacturer, will seek court approval Monday to auction off its assets and to continue borrowing on a $37.1 million loan while it works to sell its business.
Buyout firms Irving Place Capital Management L.P. and Oaktree Capital Management L.P. have agreed to buy Chesapeake for about $485 million, subject to higher bids at auction. The firms plan to keep the company's doors open and run the business as a going concern upon completion of the sale.
Chesapeake will ask the Richmond bankruptcy court Monday to sign off on the Chapter 11 auction rules. The company wants to conduct an auction by Feb. 23.
Chesapeake filed for Chapter 11 protection last month, unable to pay the interest on its debt of more than $520 million. In court papers, Chief Executive Andrew J. Kohut said the company paid about $50 million in interest a year on its debt.
Chesapeake began in 1918 as a pulp and paper mill in West Point, Va., and grew into a publicly traded paper and packaging operation. The company is based in Richmond, but most of its operations are overseas. It employs 5,400 people worldwide in Europe, North America, Africa and Asia.

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Get Profile for:




Chesapeake Corporation
James Center II
1021 East Cary Street
Richmond, VA 23219
Phone: [phone]
Fax: [phone]
Web Site: http://www.cskcorp.com

DETAILS
Index Membership: N/A
Sector:
Industry:
Employees (last reported count): 5,427


REUTERS ABRIDGED BUSINESS SUMMARY
Chesapeake Corporation manufactures and supplies specialty paperboard packaging products worldwide. It also produces and supplies plastic packaging products to the end-use markets. The company operates in two segments, Paperboard Packaging and Plastic Packaging. The Paperboard Packaging segment designs and manufactures folding cartons, spirally wound composite tubes, leaflets, labels and other paper, and paperboard packaging products. It serves the pharmaceutical and healthcare, alcoholic drinks, confectioneries, foods, and tobacco markets. The Plastic Packaging segment offers plastic containers, bottles, and various preforms for agrochemicals, other specialty chemicals, and food and beverages markets. This segment also offers high-density polyethylene (HDPE) fluorinated barrier containers for agrochemicals and various specialty chemicals markets; HDPE bottles for the Irish dairy market; and pet bottles and pre-forms for soft drink markets. Chesapeake Corporation was founded in 1918 and is based in Richmond, Virginia. On December 29, 2008, Chesapeake Corporation filed a voluntary petition for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the Eastern District of Virginia.

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Gonna follow this closely!

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BANKRUPTCY WEEK AHEAD: Chesapeake Seeks Approval For Auction
35 minutes ago - Dow Jones News

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Chesapeake Corporation Reaches Agreement to Sell All of Its Business Operations As a Going Concern to Affiliates of Irv

Chesapeake Corporation Reaches Agreement to Sell All of Its Business Operations As a Going Concern to
Affiliates of Irving Place Capital Management, L.P. and Oaktree Capital Management, L.P.

Mon Dec 29 21:15:00 2008
EST
RICHMOND, Va., Dec 29, 2008 /PRNewswire-FirstCall via COMTEX News Network/ --
Parent Company and U.S. Operating Subsidiaries File Voluntary Chapter 11 Petitions
in U.S. To Consummate Sale
All Global Manufacturing and Distribution Facilities Operating As Usual
Obtains Commitment For Up To $37 Million in DIP Financing To Fund Operations
Chesapeake Corporation (Other OTC: CSKE) today announced that it has reached
an agreement to sell all of its operating businesses to a group of investors including
affiliates of Irving Place Capital Management, L.P. and Oaktree Capital Management,
L.P., who intend to continue operating these businesses as a going concern. To consummate
this sale, Chesapeake Corporation and its U.S. operating subsidiaries filed voluntary
Chapter 11 petitions today in the Eastern District of Virginia in Richmond.
All of the Company's operations - including all of its manufacturing and
distribution facilities in the U.S. and around the world - are open and operating
on normal schedules, fulfilling customer orders as usual and providing uninterrupted
customer service. The Company's non-U.S. subsidiaries were not included in the Chapter
11 filing and there are no plans to place them in administration.
"After exploring a range of possible alternatives to improve our balance
sheet and maintain the liquidity we need to operate our businesses in an extremely
difficult economic environment, the management and Board of Directors of Chesapeake
concluded that a court-supervised sale of our business operations is in the best
interest of the Company and its stakeholders," said Andrew J. Kohut, President and
Chief Executive Officer of Chesapeake Corporation. "In particular, the sale transaction
and Chapter 11 process will help us meet several critical objectives, including
allowing ongoing operation of all of our businesses without interruption to supplier
and customer relationships, providing a permanent solution to the high leverage
at the parent company level and constrained liquidity, providing the most rapid
path to a new organization with a much healthier balance sheet, and providing a
bright future for our operating companies and their employees, customers and suppliers."
Chesapeake has filed a variety of first day motions with the Court that will
allow it to continue to conduct business as usual while it completes the sale of
the business operations to the investor group. In addition, the Company will seek
preliminary approval from the Court for a new debtor-in-possession financing facility
of up to $37 million provided by certain members of its current revolving lender
group. The new facility will provide an immediate source of funds to the Company,
enabling it to satisfy customary obligations associated with ongoing operations
of its business, including the timely payment of employee obligations, materials
purchases, normal operating expenses and other obligations. Availability under the
debtor-in-possession financing is initially limited to $18.55 million, subject to
increase (i) upon entry of an order in the Company's Chapter 11 case approving the
new facility and (ii) the unanimous approval of the lenders under the new facility.
The Company expects that cash flows from the ongoing business and the initial availability
under the new facility will allow it to meet its liquidity needs until such time
as the conditions are satisfied for the availability of increased financing.
Under terms of the transaction, the investor group will purchase substantially
all of the assets of the U.S. operating subsidiaries of Chesapeake Corporation and
the outstanding capital stock or other equity securities of Chesapeake's foreign
subsidiaries. The proposed aggregate purchase price is $485 million, with cash proceeds
to be paid to the seller to be reduced by amounts in respect of certain pension
and severance obligations of the Company and its subsidiaries, amounts outstanding
as of closing under the Company's Senior Secured Credit Facility and certain other
fees and obligations. The definitive Asset Purchase Agreement with respect to the
proposed transaction between the Company and the investor group was filed with the
Court today.
The transaction is subject to the approval of the Bankruptcy Court under
Section 363(b) of the U.S. Bankruptcy Code and the satisfaction of specified closing
conditions, including the purchasers reaching definitive agreement on exit financing.
Following the completion of a court-supervised competitive auction process, a final
sale hearing and closing are anticipated to take place during the first quarter
of 2009.
The Company's financial advisor is Goldman Sachs & Co., its restructuring
advisor is Alvarez & Marsal, and its legal advisor in the U.S. is Hunton &
Williams LLP.
Information about the proposed sale and Chesapeake's Chapter 11 proceedings
and the proposed related transaction is available on the Company's website at www.chesapeakecorp.com.

Information about the claims process and court filings can be accessed at www.kccllc.net/chesapeake.
General information for vendors who have provided goods or services to the U.S.
business is also available at 1-888-830-4660. General information for U.S. retirees
is also available at 1-888-830-4660. Inquiries can be sent by email to [e-mail].
Chesapeake Corporation protects and promotes the world's great brands as
a leading international supplier of value-added specialty paperboard and plastic
packaging. Headquartered in Richmond, Va., the Company is one of Europe's premier
suppliers of folding cartons, leaflets and labels, as well as plastic packaging
for niche markets. Chesapeake has 44 locations in Europe, North America, Africa
and Asia and employs approximately 5,400 people worldwide.
This news release, including the comments by Andrew J. Kohut, contains forward-looking
statements that are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. The accuracy of such statements is subject to a number
of risks, uncertainties and assumptions that may cause Chesapeake's actual results
to differ materially from those expressed in the forward-looking statements including,
but not limited to: approvals by the U.S. Bankruptcy Court of the company's proposed
plans for reorganization, including approval of the proposed sale of the company's
operating businesses; satisfaction of specified closing conditions for the proposed
sale, including the purchasers obtaining financing for the transaction; the company's
ability to remain in compliance with the covenants set forth in the debtor-in-possession
credit facility, and its ability to satisfy the conditions to increasing the available
borrowings under such facility; the company's inability to realize the full extent
of the expected savings or benefits from restructuring or cost savings initiatives,
and to complete such activities in accordance with their planned timetables and
within their expected cost ranges; the effects of competitive products and pricing;
changes in production costs, particularly for raw materials such as folding carton
and plastics materials, and the ability to pass through increases in raw material
costs to customers; fluctuations in demand; possible recessionary trends in U.S.
and global economies; changes in governmental policies and regulations; changes
in interest rates and credit availability; changes in actuarial assumptions related
to pension and postretirement benefits plans; changes in liabilities and cash funding
obligations associated with the company's defined benefit pension plans; fluctuations
in foreign currency exchange rates; and other risks that are detailed from time
to time in reports filed by Chesapeake with the Securities and Exchange Commission.
SOURCE Chesapeake Corporation
http://www.chesapeakecorp.com
Copyright (C) 2008 PR Newswire. All rights reserved

CSK, CSKE,

VA-Chesapeake-sale, BUSINESS, csta+stories, FINANCE, financenews, financenews+select, hedge+funds, prn,
PUBCO+SELECT, PUBLIC+COMPANIES, WALL+STREET,

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[blukky]

Incredible damage,.....