SMART Papers Acquired by Hedge Fund
Thursday, January 4, 2007 : PermalinkHouston Chronicle – SMART Papers, a maker of papers for writing, commercial printing, graphic arts and packaging, has emerged from Chapter 11 bankruptcy with new ownership, officials said Wednesday.
Plainfield Asset Management, which took a 92.5 percent stake in SMART in August when it assumed about $40 million of the company’s debt, has invested another $500,000 to increase production, Chief Executive Tim Needham said.
“SMART Papers has a rich history and well-established brands that bring unique value and benefit to the North American printing industry and their customers,” said Eric Reehl, managing director at Plainfield, a hedge fund based in Greenwich, Conn.
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