Chesapeake Corp. Files Ch. 11 With Plans For Sale

Law360, New York (December 30, 2008, 12:00 AM EST) -- Buckling under the pressure of a heavy debt load, packaging giant Chesapeake Corp. has filed for Chapter 11 reorganization bankruptcy protection with the intent of selling its operations to a group of private equity investors.

The Richmond, Va.-based company and 17 of its related entities filed Monday in the U.S. Bankruptcy Court for the Eastern District of Virginia. Chesapeake announced its plan to sell all of its businesses to investors affiliated with private equity groups Irving Place Capital Management L.P. and Oaktree Capital Management LP for...
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