Tuesday, 26 July 2016
Last updated 23 min ago
Jan 4 2007 | 10:21am ET
Greenwich-based Plainfield Asset Management is hoping its latest acquisition, SMART Papers, will indeed prove a wise decision going forward. The maker of papers, commercial printing, graphic arts and packaging has reportedly been acquired by Plainfield after having emerged from Chapter 11 bankruptcy.
The company filed for bankruptcy last March citing rising costs for energy, wood fiber and transportation and sold its Wisconsin affiliate PF Papers in July as well as its distribution facility in West Chicago in November.
Plainfield in August took a 92.5% stake in SMART assuming about $40 million of the company's debt, and has invested another $500,000 to increase production, chief executive Tim Needham said in an interview. A judge approved the company’s reorganization plan on Dec. 19.
Max Holmes founded Plainfield in February 2005 and the Plainfield Special Situations Master Fund was launched in May 2005. The firm manages in excess of $2 billion of investment capital for institutions and high net worth individuals.