Bottle Co. Constar Floats $69M Asset Sale In Ch. 11
By Matt Chiappardi
Law360, Wilmington (December 19, 2013, 7:29 PM EST) -- Plastic-bottle maker Constar International Holdings LLC and several affiliates filed for Chapter 11 protection in Delaware on Thursday for the third time since 2008, this time with a strategy teed up to auction assets in a $68.5 million stalking horse sale to Amcor Rigid Plastics USA Inc.
Philadelphia-based Constar listed more than $120 million in debt and said its third stint in bankruptcy was prompted by the loss of its largest customer, PepsiCo Inc., which forced the company to close two of its plants and reduced...