Marcal Paper closes on $160 million asset sale; Spring named CEO of new company

By Caroline Salls

Pittsburgh, June 16 - Marcal Paper Mills, Inc. has closed the sale of substantially all of its assets to newly formed entity Marcal Paper Mills, LLC, according to a company news release.

As previously reported, the U.S. Bankruptcy Court for the District of New Jersey approved the $160 million sale of Marcal's assets to an affiliate of second-lien loan agent NexBank, SSB, which formed Marcal Paper Mills, LLC, in January.

Consumer package goods turnaround specialist Tim Spring has been named chief executive officer of the new company, effective immediately.

"We are very pleased to complete this transaction," Spring said in the release, "which we believe will enable us to leverage Marcal's strong brand and eco-friendly product line to restore the Marcal brand as a leader in the industry for the benefit of its customers, employees and its hometown communities."

Spring was most recently the CEO of Craft House, Inc., a private equity investment in the craft industry. He holds a bachelor's degree in psychology/business from SUNY and an masters in marketing from Pace University.

Marcal Paper Mills, an Elmwood Park, N.J., manufacturer and distributor of bath tissue, kitchen towels, napkins and facial tissue, filed for bankruptcy on Nov. 30, 2006. Its Chapter 11 case number is 06-21886.

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