Chesapeake Corp. files for bankruptcy protection
Bankruptcy
Specialty packaging company Chesapeake Corp. has filed for Chapter 11 bankruptcy protection and plans to sell itself to a group of investors for about $485 million.
The company's stock, which is traded over-the-counter, closed at 6 cents Monday, well off the $5.61 it traded at a year ago and a sharp drop from the more than $20 it traded for just a few years ago.
Chesapeake, which makes paper cartons and plastic containers for the health care, beverage and food markets, has been cutting jobs and realigning operations in an effort to foster growth and reduce costs. The company struggled earlier this year to complete a $250 million credit line with a group led by GE Commercial Finance Ltd. and General Electric Capital Corp. to refinance prior debt.
The company's shares were delisted from the New York Stock Exchange in October. Chesapeake last month reported a loss for the nine months ended Sept. 28 of $277.1 million as the company booked hefty environmental cleanup and other charges and as sales slipped to $752.5 million due to lost business with British American Tobacco and less demand for drug and health care packaging. In its 10-Q filing with the Securities and Exchange Commission, Chesapeake listed total assets of $936.6 million as of Sept. 28 and $937.1 million in total liabilities.
Chesapeake filed for bankruptcy Monday in the Eastern District of Virginia in Richmond under Chapter 11, which allows a company to reorganize. Non-U.S. units are not included in the filing.
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Grounds for Divorce in Ohio - Sylkatis Law, LLC
A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party
Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party
However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.