Cascades’ $207 Million Purchase of Bankrupt Orchids Paper OK’d

Bankrupt Orchids Paper Product Co. received court approval to sell all assets to Canadian paper product giant Cascades for $207 million in cash.

The July 15 approval by U.S. Bankrtupcy Court Judge Mary F. Walrath on July 15 allows Cascades to close the deal, planned for August or September.

Cascades, Canada’s largest paper product maker, placed the highest bid for the Brentwood, Tenn.-based tissue and napkin maker at an auction held June 27. Walrath preliminarily approved the deal on July 1, which includes Orchids’ operations in Barnwell, S.C. and Pryor, Okla.

Cascades is buying Orchids through a subsidiary, Cascades Holding ...