{"id":11412,"date":"2026-01-29T06:35:34","date_gmt":"2026-01-29T11:35:34","guid":{"rendered":"https:\/\/www.packagingindustrynews.com\/?p=11412"},"modified":"2026-01-29T06:35:34","modified_gmt":"2026-01-29T11:35:34","slug":"pretium-packaging-files-for-pre-packaged-chapter-11-to-restructure-debt","status":"publish","type":"post","link":"https:\/\/www.packagingindustrynews.com\/?p=11412","title":{"rendered":"Pretium Packaging files for pre-packaged Chapter 11 to restructure debt"},"content":{"rendered":"


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Pretium has filed pre-packaged Chapter 11 petitions with the US bankruptcy court for the District of New Jersey. Credit: Sumandaq \/ Shutterstock.com.<\/figcaption><\/figure>\n<\/p><\/div>\n

Pretium Packaging has confirmed a pre-packaged Chapter 11 bankruptcy process after entering an agreement with its current lenders and majority owner, Clearlake Capital Group.<\/p>\n

The move is intended to power the long-term growth of the business, which was acquired by Clearlake <\/a>in 2020.<\/p>\n

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The restructuring plan was confirmed <\/a>after an earlier report by Bloomberg<\/em>.<\/p>\n

Under the proposed restructuring, Pretium\u2019s total funded debt is set to decrease by more than $900m. The company will also gain access to over $175m in liquidity.<\/p>\n

The plan includes commitments from existing lenders for more than $530m in new short-term debt, as well as a $50m equity injection from Clearlake.<\/p>\n

Pretium stated that during the restructuring period, its operations will continue without interruption.<\/p>\n

The company said it will meet all obligations to suppliers and vendors for deliveries made before and after the Chapter 11 filing.<\/p>\n

The proposed recapitalisation has garnered the backing of 90% of Pretium\u2019s secured lenders, including Wells Fargo, the company\u2019s asset-based lending provider.<\/p>\n

Pretium indicated it remains in talks with other key stakeholders and expects to finalise the restructuring promptly.<\/p>\n

To proceed with the transaction, Pretium has filed pre-packaged Chapter 11 petitions with the US bankruptcy court for the District of New Jersey.<\/p>\n

Pretium CEO James Rooney said: \u201cOver the past few years, Pretium has continued to make significant strides in strengthening the business through improvements in manufacturing excellence, product innovation, and sustainability, achieving significant growth despite industry-wide headwinds within packaging.<\/p>\n

\u201cUnder our new, significantly de-leveraged capital structure, we are creating more flexibility to invest in our products, our people, and our customers. We\u2019re committed to completing this process as a stronger organisation ready to seize new opportunities, deliver exceptional value to our customers, and deepen our role as a trusted partner to the vendors who help us succeed.\u201d<\/p>\n

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