from asset protection
WR Capital Partners and a senior management group announced recently that they have completed the purchase of substantially all of the assets of Spinnaker Coating Inc., which had filed for protection under the bankruptcy laws in November 2001. As a result of the purchase, which has been approved by the US Bankruptcy Court, the Spinnaker Coating pressure sensitive label stock business in Troy, OH, has been fully removed from the bankruptcy proceedings.
The business will be operated through a newly formed entity, Spinnaker Coating, LLC.
According to Louis A. Guzzetti Jr., chairman and CEO of Spinnaker Coating, “We are pleased that we have been able to bring the Spinnaker Coating business completely out of the bankruptcy process in less than five months, and have emerged with our business intact and a very manageable capital structure.”
Spinnaker is a supplier of pressure sensitive paper stock for labels and the largest producer of such stock for pressure sensitive US postage stamps. WR Capital Partners is an investment partnership founded by former principals of Wesray Capital Corporation.