American Pad & Paper received bankruptcy court approval to sell its Ampad and Forms divisions to an affiliate of American Tissue Inc. for around $67 million. The two companies announced the planned asset sale early last month. The deal is expected to close within a month.
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.
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