Pallet supplier iGPS files for bankruptcy, sells assets

Published: June 5, 2013 2:02 pm ET
Updated: June 5, 2013 2:04 pm ET

Related to this story

Topics Mergers & Acquisitions, Packaging, Pallets

Plastic pallet supplier iGPS Co. LLC has filed for bankruptcy and agreed to sell its assets to a newly-formed joint venture company.

The Orlando, Fla.-based iGPS Co. will be sold to iGPS Logistics LLC, a joint venture formed by private equity firms Balmoral Funds LLC and One Equity Partners, a shareholder of pallet manufacturer Schoeller Arca Systems, and Jeff and Robert Liebesman, according to a June 5 Chapter 11 filing in U.S. Bankruptcy Court in Wilmington, Del.

The sale is subject to higher and better bids and court approval. It should be completed within 30-45 days, according to court filings.

One Equity owns a controlling stake in SAS, and earlier this year merged the company with Linpac Allibert and rebranded it as Schoeller Alibert.

SAS is one of iGPS’ largest creditors, with a claim of more than $5.4 million, according to court filings.

IGPS plans to continue operating without interruption and said customers will not be affected. The company “will continue to continue to honor and service its existing clients and new client programs,” the company said in a news release.

Crystal Financial LLC will provide the company with up to $12 million in debtor-in-possession financing and exit financing, according to court filings.

IGPS rents recyclable, lightweight reinforced-plastic pallets equipped with RFID technology. It says its pallets are the only multi-use pallets to be food equipment certified by NSF International.

The company has between $100 million and $500 million in assets, according to court filings.


Comments

Pallet supplier iGPS files for bankruptcy, sells assets

Published: June 5, 2013 2:02 pm ET
Updated: June 5, 2013 2:04 pm ET

Post Your Comments


Back to story


More stories

Image

Germany's Lehmann & Voss buys U.S.-based Performance Compounding

September 12, 2014 11:36 am ET

German compounding firm Lehmann & Voss & Co. KG has acquired Performance Compounding LLC for an undisclosed price.    More

Image

ATS goes global with acquisition of M+W Process Automation

September 10, 2014 2:49 pm ET

ATS Automation Tooling Systems Inc., a maker of factory automation systems in Cambridge, Ontario, has agreed to buy a German company M+W Process...    More

Image

DS Smith adds to footprint with Croatian injection molding acquisition

September 10, 2014 2:05 pm ET

DS Smith plc, the London-headquartered packaging giant, has announced the acquisition of Kaplast dd, a Croatian injection molding company.    More

Image

Par-Pak Europe buys Holfeld Plastics

September 10, 2014 1:58 pm ET

Holfeld Plastics Ltd., the Ireland-based packaging manufacturer, has been bought by Par-Pak Europe (PPE) for an undisclosed sum.    More

Image

With help from Coke, Virent boosts production of bio-based paraxylene

September 9, 2014 4:52 pm ET

WASHINGTON — Bioplastics developer Virent is ramping up operations in Madison, Wis., thanks to additional investment from Coca-Cola Co.    More

Market Reports

Shale Gas Market - Analysis of North American Region

This report highlights the impact of shale-based natural gas on the North American plastics market and features an in-depth analysis of production trends in the United States during 2013 and a forecast for 2014 and beyond.

Learn more

Thermoformed Packaging 2014 Market Review & Outlook North America

This in-depth report analyzes economic and market trends, legislative/regulatory activity impacting supply and demand, business opportunities and threats, materials pricing, manufacturing technology, as well as growth strategies being implemented by thermoformed packaging companies.

Learn more

Pipe, Profile & Tubing Extrusion in North America 2014

U.S. demand for extruded plastics is expected to grow by 3 percent in 2014, with PVC remaining the largest segment.

Plastic pipe will post the strongest gains through 2018, continuing to take market share from competing materials in a range of markets.

Our latest market report provides in-depth analysis of current trends and their financial impact on the pipe, profile and tubing extrusion industry in North America.

Learn more

Upcoming Plastics News Events

January 14, 2015 - January 14, 2015Plastics in Automotive

February 4, 2015 - February 6, 2015Plastics News Executive Forum 2015

More Events