CarbonLite got $ 220 million in ch. 11 Sales transactions

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Law360 (June 3, 2021, 6:41 p.m. EDT) – Plastics recycler CarbonLite Holdings LLC received conditional approval from a Delaware judge on Thursday for a series of Chapter 11 sale deals that will bring the estate $ 220 million. dollars of proceeds for the benefit of creditors.

In a virtual hearing, U.S. bankruptcy judge John T. Dorsey approved the sale of the debtor’s facilities in Reading, Pa., Riverside, California and Dallas after a marketing process that had mixed results .

Attorney for debtor Richard M. Pachulski of Pachulski Stang Ziehl & Jones LLP told the court that CarbonLite had hoped to get offers of stalking horses for the three facilities by last month, but was forced to move. .

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