Radnor Completes Sale Of Assets To Credit Bidder

Law360, New York (December 1, 2006, 12:00 AM EST) -- Ignoring cries from creditors, foam cup maker Radnor Holdings Corp. has sold most of its assets to a private equity firm for nearly $225 million, sealing a controversial deal that had been challenged since Radnor filed for Chapter 11.

Radnor entered Chapter 11 in August, with investment firm Tennenbaum Capital Partners LLC positioned to win its assets in a so-called “credit bid.” Tennenbaum invested $120 million in floundering Radnor about a year ago.

Santa Monica, Calif.-based Tennenbaum bought two of the company’s flagship divisions, valued at...
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