Court Approves Marcal's Proposed Asset Sale

Law360, New York (January 18, 2008, 12:00 AM EST) -- The New Jersey court overseeing Marcal Paper Mills Inc.'s bankruptcy proceedings has approved Marcal's plan to sell substantially all of its assets, after a labor union came to terms on a new collective bargaining deal with stalking horse bidder Nexbank SSB late Thursday night, removing the last remaining obstacle to the transaction.

All objections to Marcal's bid for U.S. Bankruptcy Judge Morris Stern's approval of its planned asset sale were either overruled or resolved, debtor counsel Michael Sirota said Friday.

Sirota said that the United Steel,...
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