In November 2017, Cenveo, Inc. was Awarded “one of the largest contracts for printing and mailing ever” given out by the U.S. Government Publishing Office. The $61 million deal meant that Cenveo would be Printing all of the Materials for the upcoming 2020 United States Census.
"Cenveo's award of the 2020 U.S. Census is a reflection of our core capabilities and expertise, manufacturing and fulfillment," said Robert G. Burton, Sr., Cenveo's Chairman and Chief Executive Officer. "We are well-positioned to execute and manage all aspects of this program successfully and with the level of quality and security expected. We are honored to be a part of this program that will achieve a lasting impact to the future of our country."
Officials at the U.S. Government Publishing Office (GPO) botched the Awarding of its single largest Contract, the 2020 Census Printing Contract, according to a Memo from the Federal Agency's Office of the Inspector General. "Our investigation revealed GPO did not do an adequate job of protecting the interests of the Government," concluded former Inspector General Michael Raponi, who Authored the Report.
What Constitutes not doing “an adequate job of protecting the interests of the Government”? How about the Government Printing Office (GPO) Failing to Check whether the Company had enough “financial resources to complete the job” A few Months after Receiving this Contract, Cenveo reached an Agreement with “key stakeholders” in its Plans to be completely Bankrupt.
The Terms of the Plan of Reorganization will enable the Company to Exit Chapter 11 with a highly deleveraged Balance Sheet, which will allow 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 to under $400 Million. As part of the Revised Agreement with the First Lien Holders, the amount of Funded Debt issued upon Exit will be Reduced from $200 Million to $100 Million.
GPO Officials also allowed Cenveo to “significantly lower their initial bid” after Unsealing other Bids. A Federal Judge Allowed the United States to get out of its Pointless Contract with the Bankrupt Company. All we have to do is give them a few Million Dollars for doing Nothing but digging a deeper hole for the U.S. to get out of Completing the upcoming 2020 Census.
Last week Justice Department Attorneys ended the $61 Million Contract the U.S. Government Publishing Office had Awarded to the Exiting Bankruptcy Company, Cenveo, as part of a Settlement Agreement Approved by a Federal Bankruptcy Judge in New York.
The Census Bureau is Paying Cenveo $5.5 Million "to resolve all disputes" related to the Ending of the Contract, by Order of Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York.
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