TREVOSE, Pa.--(BUSINESS WIRE)--
Constar International Holdings LLC ("Constar" or the “Company”) announces today that it has entered into a stalking horse asset purchase agreement with Amcor Rigid Plastics USA (“Amcor”) under which the Company has agreed to sell substantially all of its domestic business to Amcor. In order to complete the transaction, Constar, along with certain subsidiaries, filed for Chapter 11 bankruptcy protection in the District of Delaware on December 19, 2013. The transaction with Amcor is being undertaken pursuant to Section 363 of the US Bankruptcy Code and is subject to higher and better offers and approval of the Bankruptcy Court, as well as other customary closing conditions. The transaction is expected to close during the first quarter of 2014.
Constar continues to operate and serve its blue-chip customer base and all employees are being paid in the ordinary course of business. “The transaction with Amcor will allow Constar and its employees to continue to provide valuable products and services to our customers and expand our offering and capabilities by leveraging the financial and other resources of Amcor. We are very excited for our employees and customers and believe this transaction creates a stable and extremely viable long term partner for our customers and vendors,” said Louis S. Imbrogno, Jr., interim CEO of Constar.
Constar also continues to operate and serve its customers in Europe. Constar is currently evaluating the sale of its European operations to one or more third parties and will make further announcements in the future as that process unfolds.
Inquiries related to potential purchase of the European business or the auction process for the US assets should be directed to Michael Son of Lincoln International LLC, the Company’s investment banker and financial advisor at either 213.283.3707 or email@example.com.
Trevose, Penn.-based Constar International LLC, is a leading global producer and supplier of plastic bottles, jars and preforms for food and beverages. The Company provides full-service packaging solutions, from product design and engineering, to ongoing customer support and material licensing agreements. Its customers include many of the world's leading branded consumer products companies. Visit www.constar.net.
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J. Mark Borseth, 215-552-3744