Bankrupt Constar Gets Nod For $69M Auction Plan

Law360, Wilmington (January 9, 2014, 10:15 PM EST) -- A Delaware bankruptcy judge on Thursday gave Constar International Holdings LLC the green light to proceed with a bankruptcy auction after extending the proposed sale process to give prospective suitors extra time to compete with the plastic-bottle maker's $68.5 million stalking horse bidder.

Philadelphia-based Constar entered court protection last month after lining up Amcor Rigid Plastics USA Inc. as a stalking horse for a Section 363 sale, but its proposed bidding procedures drew fire from interested buyers and creditors who said the speed and terms of...
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