Consolidated Container Company Agrees to Buy Shelburne Plastics - Modern Distribution Management

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Consolidated Container Company Agrees to Buy Shelburne Plastics

The sale of Shelburne is subject to the provisions of Section 363 of the Bankruptcy Code.

Consolidated Container Company, Atlanta, GA, has agreed to acquire Shelburne Plastics, South Burlington, VT, and its operating entities, Plastic Technologies of Vermont, Plastic Technologies of Maryland, and Plastic Technologies of New York. Shelburne is a manufacturer of custom/standard HDPE, PET and polypropylene containers for the food, water, juice, industrial and chemical markets.

The asset purchases are expected to be conducted under the provisions of Section 363 of the Bankruptcy Code and will be subject to proposed bidding procedures and receipt of a higher and better bid at auction. Upon entry by the Bankruptcy Court, the bidding procedures order will provide that CCC is the “stalking horse” bidder for the assets identified in the Asset Purchase Agreement.

Shelburne will continue operating its business without interruption during the sale period. All of the company's manufacturing plants will remain open, and all manufacturing teams will continue.

“The sale and filing are necessary next steps to continue long term supply to Shelburne’s customers,” said Gene Torvend, CEO of Shelburne. “We are grateful to our outstanding team of employees, partners and suppliers who have worked with us through this transition. We are pleased to have attracted a strong operational and financial owner for the business, and we hope to complete the sale swiftly to make the process as seamless as possible.”

While CCC has agreed to serve as the “stalking horse” bidder for a Section 363 sale process, the company is asking the Bankruptcy Court for a schedule to complete the sale process in about 30 days.

CCC is a manufacturer of rigid plastic packaging solutions in the U.S.

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