US Court approves sale of Atlantis business

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 US housing markets coupled with soaring raw materials costs.

 

($1 = €0.73)

 

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By: Bohan Loh
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