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Chesapeake Announces Comprehensive Refinancing Plan

Friday 01. August 2008 - Chesapeake Corporation (NYSE:CSK) today announced that it has developed a comprehensive refinancing plan to address the upcoming maturity of its bank credit facility and its general liquidity needs.

Chesapeake expects that, upon completion, this proposed refinancing plan will address the company’s short- and long-term capital needs while providing Chesapeake with the necessary financial flexibility to improve earnings and create value for all stakeholders by realizing the benefits associated with an improving business platform that is focused on packaging applications for the pharmaceutical and healthcare industries and other specialty packaging end-use markets.

The proposed refinancing plan is expected to include: (1) new senior secured credit facilities to be used to fully repay the company’s existing $250-million senior secured credit facility and provide incremental liquidity, and (2) an offer to exchange the company’s outstanding 10-3/8% Sterling-denominated senior subordinated notes due in 2011 and its 7% euro-denominated senior subordinated notes due in 2014 for new debt and equity securities. Chesapeake has engaged Lucid Issuer Services (tel. +44 20 7704 0880, as information agent to facilitate discussions with noteholders regarding the exchange offer. The company expects to continue to work with GE Commercial Finance Limited and General Electric Capital Corporation to participate in elements of the new senior secured credit facilities. Chesapeake anticipates commencing the exchange offer and marketing for the new senior secured credit facilities in September 2008.

“We believe this comprehensive refinancing plan can provide the financial flexibility we need to execute our long-term business plan,” said Andrew J. Kohut, Chesapeake president & chief executive officer. “We have engaged the global professional services firm Alvarez & Marsal LLP to provide certain consulting services, including evaluating Chesapeake’s business plan. We expect to move quickly with this refinancing plan and are focused on serving our customers during the seasonal peak of our year.”

As previously disclosed, the company expects that, as of the end of the third fiscal quarter of 2008, it may not be in compliance with the financial covenants set forth in its existing credit facility. The company expects to address compliance issues with these financial covenants (1) through the proposed refinancing plan, or (2) by reducing outstanding indebtedness, amending the existing credit facility or obtaining waivers from its lenders. There can be no assurances that the proposed refinancing plan or these other alternatives will be successfully implemented in the amounts and timeframe contemplated herein, if at all. Failure to successfully implement the refinancing plan or otherwise address anticipated compliance issues under the credit facility would have a material adverse effect on the company’s business, results of operations and financial position.

This press release is neither an offer to purchase nor a solicitation of an offer to sell any securities. One or more classes of new securities to be offered as part of the proposed restructuring plan may not be registered under the Securities Exchange Act of 1933 and, as such, may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

http://www.chesapeakecorp.com
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Vielseitigkeit als
Schlüssel zum Erfolg

Das Large-Format-Geschäft behauptet sich erfolgreich im Rahmen der herausfordernden gesamtwirtschaftlichen Rahmenbedingungen und die Druckdienstleister begegnen ihnen mit kreativen Applikationen und vor allem mit einer gehörigen Portion an Anpassungsfähigkeit und der Bereitschaft, die eigenen Prozesse neu zu überdenken. Wir sprachen mit Mike Boyle, Senior Vice President of HP Large Format Go-To-Market, über Differenzierungsmög- lichkeiten, das vorherrschende Automatisierungspotenzial im LFP-Markt und neue Marktchancen.......