Chesapeake Corp. Reaches Agreement to Sell All of Its Operations

RICHMOND, Va.—Chesapeake Corporation announced that it has reached an agreement to sell all of its operating businesses to a group of investors including affiliates of Irving Place Capital Management, L.P. and Oaktree Capital Management, L.P., who intend to continue operating these businesses as a going concern. To consummate this sale, Chesapeake Corporation and its U.S. operating subsidiaries filed voluntary Chapter 11 petitions in the Eastern District of Virginia in Richmond.