Chesapeake closing date set

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A bankruptcy judge has set April 3 as the date Chesapeake Corp. will close the sale of its business units.

The Richmond paper and packaging company filed for Chapter 11 bankruptcy protection in December and wants to sell its subsidiaries to an investment group for $485 million unless it is offered a higher bid. The acquisition would be used to pay off debts.

The company and its creditors agreed on a March 17 bidding deadline with an auction on March 19. (Richmond Times-Dispatch)

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