Klöckner Pentaplast has voluntarily initiated a prepackaged Chapter 11 process in the US Bankruptcy Court for the Southern District of Texas, according to a statement.
- Enters into a restructuring support agreement (RSA) that will substantially reduce the company’s funded debt by approximately €1.3 billion
- Under the terms of the RSA, ownership of Klöckner Pentaplast will transition to certain of co.’s financial partners
- Co. fully expects to pay vendors, suppliers, and business partners in full for goods received and services provided before and after the filing
- Co. has received commitments for €215 million in new debtor-in-possession (DIP) financing from certain of ...
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