Packaging
Court Enters Order Approving the Sale of the Plastics Films and Molded Products Businesses of Atlantis Plastics, Inc.
Thursday 16. October 2008 - Atlantis Plastics, Inc. (OTC:ATPL.PK) (the "Company") is pleased to announce that on Monday, October 6, 2008, the United States Bankruptcy Court for the Northern District of Georgia entered an order approving the previously announced acquisition of substantially all of the assets of the Companys Plastic Films division to AEP Industries Inc., and of its Molded Products division to Custom Plastic Solutions, LLC, an affiliate of Monomoy Capital Partners, L.P. Monomoy Capital Partners was the successful bidder for the Molded Products in a court-sanctioned auction held on October 2, 2008.
As no “Qualified Bids” were received for the Films division, no auction occurred for that business. The Company anticipates that both sales will close by the end of October.
Bud Philbrook, CEO and President of Atlantis Plastics, Inc., stated, “We are pleased with the culmination of the process, which commenced in January of this year. We are particularly gratified that our employees will have good homes with both AEP and Monomoy Capital.” He added, “We certainly expect that the customers of Atlantis Plastics will continue to enjoy relationships with organizations that believe in solutions innovation and industry-leading product quality and service, at a level consistent with that which they have grown accustomed to. We also anticipate that suppliers will have the opportunity to grow with the new owners.”