Atlanta-based Atlantis Plastics, Inc., and related companies, filed Chapter 11 petitions in the Northern District of Georgia on August 10, 2008. According to the pleadings and Atlanta Business Chronicle, the company "has arranged to sell its Plastic Films division to AEP Industries Inc. (NASDAQ: AEPI) and sell its Molded Plastics Products division to a unit of Monomoy Capital Partners LP."
Atlanta-based Atlantis Plastics (Pink Sheets: ATPL) said it filed Chapter 11 to complete the sales of the units and expects the sales to close in October. It blamed its financial deterioration in 2006 and 2007 on the housing slowdown and large jumps in resin prices.
Following the sales, Atlantis Plastics will emerge under new ownership.
The cases are —
08-75473-pwb
Atlantis Plastics, Inc.
Filed: 08/10/2008
Entered: 08/10/200808-75474-pwb
Atlantis Plastic Films, Inc.
Filed: 08/10/2008
Entered: 08/10/200808-75475-pwb
Atlantis Films, Inc.
Filed: 08/10/2008
Entered: 08/10/200808-75476-pwb
Atlantis Molded Plastics, Inc.
Filed: 08/10/2008
Entered: 08/10/200808-75477-pwb
Atlantis Plastics Injection Molding, Inc.
Filed: 08/10/2008
Entered: 08/10/200808-75478-pwb
Extrusion Masters, Inc.
Filed: 08/10/2008
Entered: 08/10/200808-75479-pwb
Linear Films, Inc.
Filed: 08/10/2008
Entered: 08/10/200808-75480-pwb
Pierce Plastics, Inc.
Filed: 08/10/2008
Entered: 08/10/200808-75481-pwb
Rigal Plastics, Inc.
Filed: 08/10/2008
Entered: 08/10/2008