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AMERICAN GREETINGS CORP TO ACQUIRE RECYCLED PAPER GREETINGS.

Publication: AsiaPulse News
Publication Date: 31-DEC-08 		Format: Online
Delivery: Immediate Online Access

Article Excerpt
(Full text of a statement. Contact details below.)

CLEVELAND, Dec. 31 PRNewswire-AsiaNet - The American Greetings Corporation (NYSE: AM) today announced it had reached an agreement to acquire Recycled Paper Greetings, Inc.

American Greetings has agreed to purchase Recycled Paper Greetings, Inc. ("Recycled Paper").

Recycled Paper is a Chicago-based preeminent creator and designer of humorous greeting cards with annual net sales of approximately $80 million.

Recycled Paper's humor cards are distributed primarily through mass retail partners, drug stores and specialty retail stores.

The transaction is subject to various closing conditions including a Chapter 11 reorganization process being successfully completed for Recycled Paper and other closing conditions.

The agreement providing for the acquisition contemplates that the transaction will be effected pursuant to a so-called "pre-packaged" Chapter 11 reorganization.

The reorganization plan is supported by Recycled Paper's secured creditors.

Trade creditors are expected to be paid in full under the plan.

The parties hope to complete the Chapter 11 reorganization process by the end of American Greetings' first fiscal quarter, although there can be no assurance that this will be the case....

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