Bankruptcy judge approves Chesapeake sale

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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

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