Plastipak To Pay $102M For Bankrupt Constar's US Assets

Law360, Wilmington (February 7, 2014, 3:51 PM EST) -- Constar International Holdings LLC said in court papers Friday that Michigan-based packaging company Plastipak Packaging Inc. was deemed the winner of a bankruptcy auction for the bulk of its U.S. assets with a $102.45 million offer that came in well above the bidding floor.

Plastipak's bid is subject to adjustments but comes in at more than $30 million above the $68.5 million stalking horse bid from Amcor Rigid Plastics USA Inc., the stateside arm of the Australian packaging giant, according to court records.

The sale must...
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