Printer Friendly

Smart Papers files for Bankruptcy.

SMART PAPERS FILES FOR BANKRUPTCY. Smart Papers LLC, Hamilton, Ohio, USA and certain of its affiliates announced they have filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code with the United States Bankruptcy Court for the District of Delaware. SMART Papers also filed motions with the Court seeking immediate relief to ensure the company's continued ability to conduct normal operations. The case was filed late yesterday afternoon. The company said Chapter 11 protection will enable it to address its financial challenges and become a more efficient, cost-effective manufacturer and supplier of printing papers in North America.

SMART Papers said it expects to continue operations at its Hamilton, Ohio, paper-making center, and its Buena Park, California distribution facility, as well as through its affiliate's West Chicago, Illinois distribution center, throughout the Chapter 11 process. To help support its business during the Chapter 11 proceedings, SMART Papers has obtained debtor-in-possession (DIP) financing from Wachovia Capital Finance, Ft. Lauderdale, and CIT Group, New York.
COPYRIGHT 2006 Paper Industry Management Association
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2006, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Title Annotation:INDUSTRY NEWS
Publication:Solutions - for People, Processes and Paper
Date:Apr 1, 2006
Previous Article:SCA Americas open new Hq.
Next Article:UPM begins profit improvement program.

Related Articles
What to do when chapter 11 threatens.
The right to default: when did bankruptcy become an accepted fixture of everyday life?
Wait and see. (Paper).

Terms of use | Privacy policy | Copyright © 2022 Farlex, Inc. | Feedback | For webmasters |