Constar announces agreement to sell its US assets to Amcor Rigid Plastics USA
Constar International Holdings LLC ("Constar" or the “Company,” constar.net) has entered into a stalking horse asset purchase agreement with Amcor Rigid Plastics USA (“Amcor,” amcor.com) 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,” says 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.