Alsip Acquisition

The firm served as co-counsel-to coated paper manufacturer Alsip Acquisition LLC. Alsip filed for chapter 11 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.

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