As reported in Law360, Royal Interco LLC dba Royal Paper, a supplier of private-label paper products, has received approval from the U.S. Bankruptcy  Court in Delaware to sell its assets to an affiliate of Italian tissue paper producer Sofidel for $180 million, more than $50 million  above Sofidel's stalking horse bid.

Royal Interco dba Royal Paper filed for Chapter 11 in April with $205 million in outstanding secured debt.

Objections by  both the U.S. Trustee's Office and the Official Committee of Unsecured Creditors, represented by Lowenstein Sandler’s Bankruptcy & Restructuring Department, to Sofidel’s original $126 million bid were ultimately resolved in a global settlement agreement. 

“As part of the deal, clawback actions won't be pursued against ordinary course trade vendors,” says Lowenstein’s Brittany M. Clark, adding: “The committee's concerns around the debtor's administrative insolvency have also been alleviated…We do appreciate the collaborative efforts of all the parties involved and believe this outcome represents a fair and balanced approach under the circumstances.”

Other Lowenstein team members included Andrew Behlmann, Bruce S. Nathan, Colleen M. Restel, Lindsay H. Sklar, Carolyn M. Gauvin, and Eric James Seltzer.