Bankruptcy judge approves Chesapeake sale
- March 24, 2009
A bankruptcy judge has approved two private investors’ $485 million offer for Chesapeake Corp.
Investment firms Irving Place Capital and Oaktree Capital Management made the offer, but a committee for creditors of the company opposed the deal. They argued they would not get repaid under the deal.
Chesapeake filed for Chapter 11 bankruptcy protection in December because of a large debt load.
The Richmond-based company manufactures paper and plastic packaging. Most of its operations are in Europe. (Richmond Times-Dispatch)