PHILADELPHIA (Sept. 6) — Chrysalis Capital Partners has completed its acquisition of Plymouth Rubber Co. Inc. after Plymouth´s plan of reorganization was approved by a U.S. Bankruptcy Court in Boston.
Philadelphia-based Chrysalis focuses on distressed and "special situation" investments. To complete the acquisitions — which also included Plymouth subsidiary Brite-Line Technologies Inc. — Chrysalis provided new equity, arranged senior exit financing from Wells Fargo Business Credit Inc. and negotiated consensual settlement with certain pre-petition creditors.
Maurice Hamilburg, Plymouth president and CEO, is investing in the transaction along with Chrysalis and will remain CEO.
The maker of rubber and PVC tapes for automotive and specialty uses filed for Chapter 11 protection in July 2005. It already moved is U.S. vinyl tape manufacturing to its joint venture in China and plans to shift U.S. rubber tape production to a lower-cost site in 2007.