Some of Pretium Packaging’s lenders have signed a cooperation agreement that will bind them to act together in negotiations with the cash-strapped maker of plastic containers, according to people with knowledge of the situation.
The group of lenders is seeking advice from Davis Polk & Wardwell, said the people, who asked not to be identified because the matter is private. Pretium’s credit documents open the door to pushing existing creditors down the credit line. They contain loopholes that could allow various transactions, including moving assets to an separate entity, some of the people said.
Clearlake Capital Group-backed ...
