Business
Atlantis Plastics to sell assetsJill Park, 11 August 2008Be the first to comment on this article Atlantis Plastics in the US has announced that it has reached a definitive agreement to sell its plastic films and moulded plastics products businesses in the wake of its bankruptcy filing at the weekend. The company has agreed to sell the majority of its plastics films business assets to AEP Industries and the majority of its moulded plastics products’ assets to Monomoy Capital Partners, a New York-based private equity firm. The sales are expected to be completed by October 2008. The Chapter 11 bankruptcy filings and the proposed sales were undertaken with the support of the company’s senior secured lenders. Atlantis Plastics chief executive and president Bud Philbrook said the “sales of our plastic films and moulded plastic products business through the Chapter 11 process would provide the best results for creditors, suppliers, employees and customers”. The company is awaiting approval from the Bankruptcy court for a $26.5m post petition financing facility from a consortium of lenders led by GE Business Financial Services Inc. Atlantis believes the funding will allow it to resume normal business operations. Atlantis is a manufacturer of polyethylene stretch and custom films and moulded plastic products. Speak Your Mind |
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