Graham Packaging preparing to sell shares

Graham Packaging Co. Inc., a major producer of plastic food and beverage containers in York, Pa., is making a second run at selling shares to the public.

Graham Packaging, which is controlled by the Graham family of York and private-equity giant the Blackstone Group, filed a registration with the Securities and Exchange Commission to sell $350 million in common shares.

In 2002, Graham Packaging canceled a bid to sell $275 million in shares amid a tough initial public offering market for some highly leveraged companies.

The company said it would use proceeds from the current offering to retire some of its debt, which totaled $2.4 billion as of September.    - Harold Brubaker