American Pad & Paper Receives Court Approval for Sale of Two Divisions to an Affiliate of American Tissue Inc.Business Editors DALLAS--(BUSINESS WIRE)--Sept. 20, 2000 American Pad & Paper Company (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AMPPE AMPPE Acute Multifocal Placoid Pigment Epitheliopathy (degeneration of eye pigment) ) (AP&P) said today it has received 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. approval for the sale of its Ampad and Forms divisions to an affiliate of American Tissue Inc. AP&P and American Tissue previously announced the asset sale agreement for $67.1 million on August 2, 2000. The sale is expected to close during the next few weeks. "The completion of this sale to a strong, strategic buyer of American Tissue's caliber will help relieve the difficult situation under which Ampad and Forms have been operating during AP&P's Chapter 11 process," stated James W. Swent III, AP&P's chief executive officer. Mehdi Gabayzadeh, American Tissue's president and chief executive officer, commented further, "Ampad and Forms are both well-respected in the marketplace and we look forward to adding them to the American Tissue family of businesses." Founded in 1982, with headquarters in Hauppauge, N.Y., American Tissue Inc. has quickly become one of the country's largest manufacturers and distributors of consumer private label paper products as well as a major supplier of commercial and industrial paper products for the away from home market. American Tissue has domestic facilities located strategically from coast to coast as well as facilities in Mexico. Additional information on the company can be found at http://www.americantissue.com. AP&P has been pursuing the sale of various business assets as part of its Chapter 11 process. Once the sales of the AP&P operating divisions are completed over the next few weeks, the Company and its advisors will review options for finalizing the Chapter 11 process. Based on the current status of these sales processes A sales process is a systematic approach for performing product or service sales. The reasons for having a sales process include seller and buyer risk management, achieving standardized customer interaction in sales and scalable revenue generation. , AP&P's management reaffirms the following information contained in the Company's Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed with the Securities and Exchange Commission on August 14, as accurate, "While it is not possible at this time to predict the final outcome of the Company's Chapter 11 cases, under these 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 , management believes it is unlikely that its current equity holders will receive any value from the final disposition of the bankruptcy cases." This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future results of AP&P. Actual results may differ significantly from these statements. Risk factors and additional information which could affect American Pad & Paper's financial results are included in AP&P's filings with the Securities and Exchange Commission. Additional information is available on the Company's Web site at http://www.americanpad.com. |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion