{"id":10837,"date":"2025-12-17T07:22:05","date_gmt":"2025-12-17T12:22:05","guid":{"rendered":"https:\/\/www.packagingindustrynews.com\/?p=10837"},"modified":"2025-12-17T07:22:05","modified_gmt":"2025-12-17T12:22:05","slug":"klockner-pentaplast-gains-us-court-approval-for-debt-restructure-plan","status":"publish","type":"post","link":"https:\/\/www.packagingindustrynews.com\/?p=10837","title":{"rendered":"Klockner\u00a0Pentaplast\u00a0gains US court approval for debt restructure plan\u00a0"},"content":{"rendered":"


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kp expects to remove \u20ac1.3bn ($1.52bn) of funded debt from its balance sheet. Credit: Matveev Aleksandr \/ Shutterstock.com <\/figcaption><\/figure>\n<\/p><\/div>\n

Klockner\u00a0Pentaplast\u00a0(kp) has obtained confirmation from the US Bankruptcy Court for the Southern District of Texas for its\u00a0reorganisation plan.\u00a0<\/p>\n

The approval allows the packaging group to\u00a0proceed\u00a0with its financial restructuring and exit the Chapter 11 process.\u00a0<\/p>\n

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The court-approved plan was developed and funded with the backing of an ad hoc group of the company\u2019s first-lien lenders and noteholders.\u00a0\u00a0<\/p>\n

Once the process is completed,\u00a0kp\u00a0expects to remove \u20ac1.3bn ($1.52bn) of funded debt from its balance sheet and move to new ownership with greater financial flexibility.\u00a0<\/p>\n

The restructuring follows a \u20ac349m injection of new capital from existing first-lien creditors, which was used to support the company\u2019s operations and the court-supervised proceedings.\u00a0\u00a0<\/p>\n

Throughout the process,\u00a0kp\u00a0has continued to\u00a0operate\u00a0in the ordinary course, including making payments to vendors,\u00a0suppliers\u00a0and business partners.\u00a0<\/p>\n

All general unsecured claims will be either settled in full or reinstated when the company\u00a0emerges\u00a0from Chapter 11.\u00a0<\/p>\n

Kirkland & Ellis advised\u00a0kp\u00a0as legal counsel, with PJT Partners\u00a0as investment banker and Alvarez & Marsal\u00a0as restructuring adviser.\u00a0\u00a0<\/p>\n

Joele Frank, Wilkinson Brimmer Katcher provided strategic communications support.\u00a0\u00a0<\/p>\n

The ad hoc group of first-lien lenders and noteholders was advised by Gibson, Dunn & Crutcher as legal counsel and Houlihan Lokey UK as investment banker.\u00a0<\/p>\n

kp\u00a0CEO\u00a0Roberto Villaquiran stated: \u201cWe entered this process with a clear purpose\u00a0\u2013\u00a0to provide\u00a0kp\u00a0with a strong financial foundation to grow our leading portfolio, drive\u00a0cutting-edge\u00a0innovation, and deliver excellence for our customers. With the court\u2019s approval of our plan, we are\u00a0an important step\u00a0closer to delivering on this\u00a0goal, and\u00a0doing so on an accelerated basis thanks to the continued support of our financial partners, who will become\u00a0kp\u2019s\u00a0new owners upon emergence.\u201d\u00a0<\/p>\n

Founded in 1965, Klockner\u00a0Pentaplast\u00a0manufactures rigid and flexible packaging and specialty films.\u00a0\u00a0<\/p>\n

The company\u00a0operates\u00a027 production sites across 16 countries and employs more than 5,000 people worldwide.\u00a0<\/p>\n

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