Chesapeake Gets Go-Ahead For Sale To PE Firms

Law360, New York (March 24, 2009, 12:00 AM EDT) -- A bankruptcy judge has approved the sale of virtually all the assets of packaging company Chesapeake Corp. to affiliates of private equity firms Irving Place Capital Management LP and Oaktree Capital Management LP, despite unsecured creditors' complaints that they received “zero” consideration in the deal.

Judge Douglas O. Tice Jr. issued an order Monday approving the sale agreement with the stalking horse bidders in the U.S. Bankruptcy Court for the Eastern District of Virginia after an auction was held in which the private equity group affiliates...
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