Page 24 - Plastics News July 2020

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Techniplas completes 'Sale' process

ashotah-based plastics manufacturer Techniplas
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Nhas completed the Chapter 11 bankruptcy sale
process of its core assets to a group of its existing
investors. As outlined in the sale order, which was
approved by the U.S. Bankruptcy Court for the District
of Delaware on June 12, 2020, Techniplas, LLC
executed a sale of its core assets to certain of its

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existing investors. The Company's owners include
marquee investors Bayside Capital, Amzak Capital ADVERTISE ON
Management, and The Jordan Company, who have
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contributed over $50 million in fresh capital in order to
provide the Company a strong balance sheet. The v EDM
Company will now have significantly less debt and more
liquidity to invest in sustainable future growth to the
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benefit of its customers. Ali El-Haj, who will continue
as Techniplas's Chief Executive Officer under its new
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ownership, said, "I am excited to lead Techniplas into
our next chapter, strengthened with a right-sized marketing needs, budget, products and
balance sheet and backed by our investors, who have solutions in front of your customers!
proven experience in supporting companies like ours
through the next phase of growth. We enter this new
CONTACT,
phase with renewed energy and enthusiasm to meet
the needs of our strategic customers. "El-Haj Ms. Priyanka H. Sakpal to learn more,
continued, "I would like to offer special thanks to all of E: priyanka@aipma.net
our customers, suppliers, and dedicated employees for M: +91 9867871622
their support throughout this expedited process.
Techniplas has continued to support and serve
essential businesses throughout this process and the
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COVID-19 pandemic, and now with all of our facilities
resuming operations, we are even better positioned to
continue serving our customers with our high-quality
solutions and service."

July 2020 24 Plastics News