Apollo-Backed Packaging Firm Adapa in Talks for Debt Rework (2)

Austrian packaging company Adapa GmbH is working with advisers to overhaul its debt, according to people familiar with the matter, three years after its takeover by credit firms led by Apollo Global Management Inc.

Adapa, formerly known as Schur Flexibles, has the backing of around 75% of the creditors for a deal to amend terms and extend the maturities of the debt, one of the people said, asking not to be identified discussing private information.

The company has appointed law firm Sidley Austin for the negotiations, while creditors are working with Milbank LLP, they said.

Representatives for Adapa, and Milbank ...