Formica Corp. recently announced that it has signed a stock purchase agreement with an investment group sponsored by Cerberus Capital Management L.P. and Oaktree Capital Management LLC under which they have committed to invest $175 million in the company.
Cerberus and Oaktree are investment management companies and the two largest holders of unsecured claims in Formica’s Chapter 11 case. The company has received the support of its secured lenders for the transaction with Cerberus and Oaktree.