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ESTH LLC to take over Freedom Packaging

10
Feb '07
Engineering Specialty Textiles Holding LLC, based in Greenville, is planning to acquire and run Amsterdam based firm Freedom Packaging Co Inc. Company will bid for Freedom Packaging at an auction scheduled on February 28, 2007.

Royal Cord LLC, a subsidiary of the company, has been providing loans to Freedom Packaging to help it cover operating costs. Company was on the look out for a chance to buy the packaging firm.

Royal Cord had committed to grant money to a maximum of US $2,00,000 so that the packaging firm keeps functioning. Royal Cord has advanced a total amount of $1,35,071 to the firm, as on January 29, 2007.

Engineering Specialty Textile Holdings LLC owns enterprises manufacturing industrial textiles. It wants to take over the packaging firm because of the latter's fine products.

Freedom Packaging Co Inc filed for Chapter 11 bankruptcy in December 2006, it has debts worth over $2.7 million.


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