Cascades to Buy Orchids Paper Assets Out of Bankruptcy for $207m

Cascades said it won the auction to acquire certain Orchids Paper Products Co. assets for $207 million in cash.

• The agreement is subject to bankruptcy court approval at a hearing scheduled for July 1
• The company’s assets include operations in Barnwell, S.C., and Pryor, Okla.; certain equipment and Orchids Paper commercial arrangements with Fabrica de Papel San Francisco
• In early April, Orchids Paper, a maker of tissues and napkins, filed for Chapter 11 bankruptcy protection in Delaware with plans to sell its assets to a secured lender for $175 million.

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