Alsip Acquisition

Representation as co-counsel to coated paper manufacturer Alsip Acquisition LLC in its chapter 11 case in the District of Delaware. Alsip filed for bankruptcy protection on November 20, 2014, seeking to sell substantially all of its assets. On January 8, 2015, Judge Kevin Carey of U.S. Bankruptcy Court for the District of Delaware a sale order approving a sale to Paper Mill Acquisition LLC for $8.22 million after it won a Jan. 7 auction. The buyer outbid the stalking horse at the auction. Alsip set aside a portion of sale proceeds in an account to pay certain creditors asserting liens on the purchased assets. All remaining proceeds from the sale paid directly pay off $7.74 million in prepetition secured debt owed to the creditor.