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* Agrees to sell all its business operations as going concern to affiliates of
Irving place capital management and oaktree capital management
* Says seeking court approval for new debtor-in-possession financing facility
up to $37 million
* Says proposed price for its U.S. assets and outsanding equity of foreign
subsidiaries is $485 million
* Says final sale hearing and closing expected to take place Q1 2009
((New York Equities Desk; tel: +1 646 223 6000))
(For more news about Chesapeake Corp click here:)
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