iGPS Sale Approved
After lengthy examination by US bankruptcy officials, the sale of iGPS has finally been approved, according to Law360. The decision came on the third day of the sales hearing, after the court heard arguments from the U.S. trustee and former iGPS CEO that the selling price of $39 million was nowhere near the net book value of $558 million or even the scrap plastic, which was suggested to be valued at $264 million.
Even after additional time was allowed for other interested parties to make a bid, however, no one came forward, thus paving the way for the court’s acceptance of the deal. The sale, involving substantially all iGPS assets, was made to iGPS Logistics LLC (“iGPS Logistics”), a joint venture formed by Balmoral Funds, One Equity Partners, certain of their affiliates, and Jeff and Robert Liebesman. One Equity Partners is a shareholder in plastic pallet manufacturer Schoeller Arca Systems, which has supplied iGPS pallets.
Packaging as a Portal
Also in the news this week, we look at comments from Starbucks around packaging and sustainability. Is concern about packaging waste generation really a “distraction from reality?” Read more.
In a similar vein, guest columnist Bob Lilienfeld argues to the effect that popular packaging material reduction initiatives might also be a distraction from sustainability if not reality, in his piece, Moving Sustainable Packaging in a New Direction. Sounds like an indirect endorsement of reusables to me.
As well in the news, the latest AFGC CHEP Retail Index, and a visit by a Chinese pallet group to Chicago where they met with reusable asset management software provider iLogic and 9BLOC representatives.
Other featured articles include:
- CHEP Receives Winning Through Business Integration Award
- If You Can’t Make Some Heat, Get Out of the Kitchen
- Industry Initiative to Improve Floor Ready Display Module Efficiency
- Loscam Innovates in New Zealand with Reusable Crates
- ORBIS Launches New Pallet for Bottles and Cans