Plainfield Asset Management Gets SMART

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.


In Depth

The Benefits Of Private Debt Investing

May 7 2015 | 10:43am ET

Jeffrey Haas is chief operating officer of Old Hill Partners Inc., an SEC-registered...

Lifestyle

Yale Receives $150 Million Gift from Blackstone’s Schwarzman

May 12 2015 | 12:10am ET

Yale University announced it has received a $150 million gift from Blackstone Group...

Guest Contributor

How To Generate 6% Yield In A Volatile World

May 22 2015 | 6:41am ET

Private credit comes in many different flavors, all with the common themes of over...

 

Editor's Note