Pretium Packaging has reached an agreement with a majority of its lenders to restructure its debt and maintain operations, reported Bloomberg, citing sources.
US-based private equity company Clearlake Capital Group will retain its status as the principal shareholder under the newly signed arrangement with creditors, the unnamed sources indicated.
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Pretium is currently engaging with additional creditors, requesting that they sign non-disclosure agreements prior to reviewing details of the proposed transaction.
Company representatives for both Pretium and Clearlake did not respond to requests for comment.
Since Clearlake acquired Pretium in 2020, the packaging manufacturer has experienced a reduction in sales due to decreased consumer demand and inflationary pressures. Its financial results have also been affected by a considerable interest expense.
The report added that under the restructuring terms, there is a possibility that Clearlake and current lenders could contribute further capital.
According to the sources, trade vendors are expected to be paid as business continues.
In 2024, Pretium appointed James Rooney as CEO.
Rooney has held senior roles at companies including DazPak Flexible Packaging, ALPLA Corporation, Owens-Illinois and Amcor during his career in the packaging sector.
Pretium specialises in designing and manufacturing a wide range of rigid and sustainable plastic containers, bottles, and closures.
The company serves a diverse customer base across sectors, including food and beverage, healthcare, personal care and household products.
