Cascades Gets Court Nod to Buy Orchids Paper for $207 Million

Canadian packaging giant Cascades Inc. received tentative court approval to acquire bankrupt Orchids Paper Products Co. for $207 million in cash.

U.S. Bankruptcy Court Judge Mary F. Walrath said at the hearing she would approve the transaction once sale documents were finalized. Objections from creditors and others to Orchids Paper’s post-bankruptcy debtor-in-possession financing will be heard later, at a hearing Aug. 13.

Cascades hopes to close the sale in August or September, Robert Hall, Cascade’s chief legal officer and corporate secretary, told Bloomberg Law after a July 1 hearing in Wilmington, Del.

Buying the Brentwood, Tenn.-based tissue and napkin maker ...