Paper packaging supplier Werthan Packaging Inc. filed for bankruptcy protection with a plan to sell itself to a rival company, the Wall Street Journal reported today. Cash-strapped Werthan, based in White House, Tenn., filed for chapter 11 and plans to sell itself to competitor Gateway Packaging Co. LLC for $7.2 million, according to papers filed in U.S. Bankruptcy Court in Nashville, Tenn. The company is asking a bankruptcy judge to sign off on a speedy sale. Court papers say that the sale procedures must be approved within 10 days of the bankruptcy filing, and the sale itself needs to be approved within a month.
