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Bloomberg: Constar Wins Court Approval of $113.6MM in Asset Sales

February 11, 2014, 07:26 AM
Filed Under: Bankruptcy

Bloomberg reports Constar International Holdings LLC, a maker of plastic soda bottles, won bankruptcy court approval of three asset sales totaling about $113.6 million, including a sale of the majority of its assets to Plastipak Packaging Inc. for about $102.5 million.

According to a Bloomberg article, U.S. Bankruptcy Judge Christopher Sontchi in Wilmington, Delaware, granted the company permission to sell its U.S. and U.K. assets including real estate in Havre De Grace, Maryland, to the winners of a bankruptcy auction held last week.

The article notes that Constar, based in Trevose, PA, blamed this bankruptcy on lack of financing, while the first was caused by the recession and the second followed the decision of its biggest customer, PepsiCo Inc. (PEP)’s Pepsi-Cola Advertising & Marketing Inc., to manufacture its own containers.

To view the entire Bloomberg article, click here.

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