Business News

Chesapeake Corporation Announces Bankruptcy Court Approval of Sale to Investor Group

Tuesday 24. March 2009 - Chesapeake Corporation (BULLETIN BOARD: CSKEQ) today announced that the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond entered an order approving the sale of its operating businesses to a group of investors, including affiliates of Irving Place Capital Management, L.P. and Oaktree Capital Management, L.P.

The transaction remains subject to the satisfaction of standard and customary conditions of closing, including the receipt of regulatory approvals. The company expects the transaction to close by mid-April 2009.

The company’s financial advisor is Goldman Sachs & Co., its restructuring advisor is Alvarez & Marsal, and its legal advisor in the U.S. is Hunton & Williams LLP.