Richmond, Virginia, USA, 23 March 2009 -- Chesapeake Corporation (OTCBB: CSKEQ.PK) today announced that the U.S. Bankruptcy Court for the Eastern District of Virginia in Richmond entered an order approving the sale of its operating businesses to a group of investors, including affiliates of Irving Place Capital Management, L.P. and Oaktree Capital Management, L.P. The transaction remains subject to the satisfaction of standard and customary conditions of closing, including the receipt of regulatory approvals. The company expects the transaction to close by mid-April 2009.

The company’s financial advisor is Goldman Sachs & Co., its restructuring advisor is Alvarez & Marsal, and its legal advisor in the United States is Hunton & Williams LLP. Information about the proposed sale and Chesapeake’s Chapter 11 proceedings and the proposed related transaction is available at www.chesapeakecorp.com. Information about the claims process and court filings can be accessed at www.kccllc.net/chesapeake. General information for vendors who have provided goods or services to the U.S. business is also available at 1-888-830-4660. General information for U.S. retirees is available at 1-888-830-4660. Inquiries can be sent by email to KCC_Chesapeake@kccllc.com.

Chesapeake Corporation protects and promotes the world's great brands as a leading international supplier of value-added specialty paperboard and plastic packaging. Headquartered in Richmond, Virginia, the company is one of Europe's premier suppliers of folding cartons, leaflets and labels, as well as plastic packaging for niche markets. Chesapeake has 44 locations in Europe, North America, Africa, and Asia and employs approximately 5400 people worldwide.