Caraustar Gets OK To Pay Creditors, Borrow $25M

Law360, New York (June 5, 2009, 12:00 AM EDT) -- Getting Caraustar Industries Inc.'s Chapter 11 case off to a smooth start, a judge has agreed to allow the recycled paper products manufacturer to tap up to $25 million of an offered $75 million financing package and to pay unimpaired unsecured creditors with which the company has an ongoing business relationship.

Judge Mary Grace Diehl of the U.S. Bankruptcy Court for the Northern District of Georgia on Thursday authorized the company and its affiliates to obtain debtor-in-possession financing on an interim basis from administrative agent and...
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