Oaktree Capital Group LLC, the world's biggest distressed debt investor, hired the Goldman Sachs Group to look for a possible buyer for the packing company Tekni-Plex. Sources are saying that the Tekni-Plex sale could rake in as much as US$800 million. Oaktree Capital is in the process of working out details of the possible sale and has yet to commence the sale process.

Tekni-Plex was founded in 1967 and manages 24 manunfacturing sites scattered across Europe, Northern America and Asia. The company makes products like aerosol packages, foam egg cartons, medical tubing and dispensing pump components. Oaktree, in partnership with Avenue Capital Group, took control of Tekni-Plex as part of the packaging company's balance sheet restructuring.

Tekni-Plex is estimated to have around US$100 million worth of earnings before tax, depreciation, interest and amortization. Sources close to the deal are saying that Oaktree could generate eight times more for Tekni-Plex's current worth.