09 October 2008 08:46 [Source: ICIS news]
SINGAPORE (ICIS news)--The US Bankruptcy Court has approved the sale of both the plastic films and moulded products divisions of Atlantis Plastics Inc, the company said in a statement late Wednesday.
"We are pleased with the culmination of the process which commenced in January 2008," said Bud Philbrook, chief executive officer and president of Atlantis.
The company’s plastic films division will be acquired by AEP Industries Inc for a previously reported sum of $87m (€63.51m) while Monomoy Capital Partners will buy out its moulded products division for $20.7m.
"We certainly expect that the customers of Atlantis Plastics will continue to enjoy relationships with organisations that believe in solutions, innovation and industry-leading product quality and service," Philbrook added.
Atlantis anticipates that the sale of both its business arms would close by the end of October.
The company had filed for bankruptcy protection on 10 August when it had incurred $47.5m worth of debts in excess of listed assets after getting hit by the slump in the ?xml:namespace>
($1 = €0.73)
To discuss issues facing the chemical industry go to ICIS connect
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections