American Pad & Paper Poised to Exit Chapter 11; Crescent Capital Investments, Inc. to Assume Ownership.Business Editors PLANO, Texas--(BUSINESS WIRE)--July 30, 2003 American Pad & Paper LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("Ampad") today stated that the bankruptcy court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. has confirmed its Plan of Reorganization. The Effective Date on which Ampad will officially exit Chapter 11 is expected to occur during August. An affiliate company of Crescent crescent, emblematic representation of the quarter moon. The crescent and star, ancient Byzantine symbols that became the emblems of Constantinople, were also assumed as the standard of the Ottoman Turks. Capital Investments, Inc. ("Crescent Capital") was selected as the Successful Bidder during Ampad's Chapter 11 auction process. The affiliate of Crescent Capital will become the new equity sponsor and will assume ownership of Ampad as it emerges from bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most . Based on Crescent Capital's bid, the estimated enterprise value of Ampad is between $80 million and $85 million. Mark Lipscomb, Ampad's President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated, "Reaching the point where we can successfully emerge from the Chapter 11 process has involved a number of important factors, not the least of which has been the ongoing support of our customers and vendors, and the continued dedication of our employees. Once we emerge from bankruptcy, the financial strength of Crescent Capital will support Ampad's objective of expanding its leadership position in the marketplace." David Crosland, Executive Director at Crescent Capital stated, "Ampad exemplifies the characteristics we seek when making an investment: strong management and employee team, demonstrated market acceptance of its products, sustainable value Sustainable Value Sustainable Value is an approach to measure and manage sustainability performance. The concept was developed by researchers who are working today for Queen's University Belfast proposition, and opportunities to enhance growth through expanding distribution channels and/or selective acquisitions. The strength of Ampad's market position and business execution have been clearly demonstrated by the fact that the Ampad brand has maintained its strong market share position, even while operating under the adverse circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or of Chapter 11. This acquisition fits perfectly into our philosophy for investing in market leaders and positioning these companies to expand market share." About Crescent Capital Investments Crescent Capital Investments, Inc. is an Atlanta-based private equity firm founded in 1997. It has over $500 million in capital resources with over $100 million in equity available for each transaction. Crescent has completed ten transactions since 1998 with an aggregate enterprise value of nearly $1 billion. Further information on Crescent can be found at www.crescentcapital.com. About American Pad & Paper LLC American Pad & Paper LLC ("Ampad") is a leading manufacturer and distributor of writing pads, filing supplies, retail envelopes and specialty papers and serves many of the largest and fastest growing office products retailers and distributors in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . Additional information on Ampad can be found at www.ampad.com. |
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