SMART Papers Wins Court Approval of Business Reorganization Plan
Press release from the issuing company
Dec. 20, 2006 -- SMART Papers LLC today reported that the U.S. Bankruptcy Court for the District of Delaware has approved and confirmed its business reorganization plan, paving the way for emergence from Chapter 11 upon the company's sale to an affiliate of Plainfield Asset Management LLC, a Greenwich, Conn.-based investment advisor.
The SMART Papers Plan of Reorganization was approved by the court yesterday in Wilmington, Del. The plan was accepted by an overwhelming majority of voting creditors. It is also supported by SMART Papers' secured lender, its unsecured creditors committee, Memphis-based International Paper Co. and many other important creditor groups.
"We're very pleased with the court's decision," said SMART Papers CEO and President Tim Needham. "SMART Papers has benefited from the loyalty of its customers and vendors as well as the hard work and dedication of its employees. We look forward to reinvigorating and expanding our longtime customer relationships, to launching new and innovative products and to achieving significant growth through 2007 and beyond."
Needham expressed appreciation to SMART Papers' creditors and to Plainfield Asset Management for their support in reaching this milestone. Needham said SMART Papers is expected to emerge from Chapter 11 in the next few days under new ownership, with a strong balance sheet, an intact management team and a solid operating platform.
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