Chesapeake Corp. Remnants Get Liquidation OK

Law360, New York (March 30, 2011, 2:58 PM EDT) -- A bankruptcy court judge in Virginia on Tuesday approved Canal Corp.'s liquidation plan after the packaging company formerly known as Chesapeake Corp. resolved objections filed by the Internal Revenue Service and several insurers.

Chief Judge Douglas O. Tice Jr. of the U.S. Bankruptcy Court for the Eastern District of Virginia gave oral approval to the second amended liquidation plan at a hearing, giving Canal the go-ahead to wind down its remaining operations, according to the court docket.

After Judge Tice approved the sale of substantially all...
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