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Nexpak Europe files for bankruptcy
Dutch-based Nexpak Europe, the manufacturer and supplier of DVD and Blu-ray packaging, has formally filed for bankruptcy. The company's operations are being dismantled and assets are being consolidated among other players in the industry.
The Duluth, Georgia-based mother company had filed for Chapter 11 bankruptcy protection in April last year with debts in the range of $100 million to $500 million, according to court papers filed in Delaware Bankruptcy Court. In September, Clear-Vu, a rival US-based provider of media security packaging, acquired the brand and related assets of Nexpak and AGI Polymatrix acquired the commodity assets.
"Obviously I am sad personally because this is the end of an era," Vincent Leesberg, Managing Director, told One to One. "We had a strong company with good products and good results but the financial structure ultimately made it unworkable […] While this is sad news, we are investigating our options and there is a high likelihood that there are other opportunities to come out of this."
Story filed 19.01.10
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