Klöckner Pentaplast Files For Bankruptcy
with cash generated from ongoing operations, will support the business and enable the company to satisfy its obliga- tions during the restructuring process. Under the terms of the RSA, the company fully expects to pay vendors, suppliers, and business partners in full for goods received and services provided before and af- ter the filing. KP has filed a number of customary first-day
Klöckner Pentaplast, a global supplier of rigid and flexible packaging and specialty film solutions, has entered into a Restructuring Support Agreement (RSA) with a significant majority of its financial partners on the terms of a compre- hensive financial restructuring plan. The restructuring plan will substantially reduce the com- pany’s funded debt by approximately €1.3 billion, which will meaningfully strengthen the company’s balance sheet and enhance KP’s financial flexibility moving forward. Un- der the terms of the RSA, following the consummation of the restructuring plan, ownership of the company will tran- sition to certain of KP’s financial partners. To implement the restructuring plan contemplated un- der the RSA, KP and certain of its subsidiaries and affiliates have voluntarily initiated a prepackaged Chapter 11 pro- cess in the United States Bankruptcy Court for the South- ern District of Texas. Chapter 11 is a U.S. legal process that companies use to raise capital, restructure their finances, and adjust ownership and business structures while they continue to operate as normal. In connection with the US Chapter 11 process, KP has received commitments for €215 million in new debt- or-in-possession (DIP) financing from certain of its financial partners. Upon court approval, this DIP financing, together
motions with the court, seeking to maintain uninterrupted operations and uphold its current and future commitments to employees, vendors, suppliers, customers, and other stakeholders. KP’s entities in the following countries are not included in the US Chapter 11 process: Argentina, Be- larus, Brazil, Canada, China, Czech Republic, Egypt, India, Italy, Jersey, Mexico, Poland, Portugal, Russia, Switzerland, Thailand, Turkey, and UAE. Additionally, certain KP entities in Germany, Luxembourg, the Netherlands, Spain, UK, and USA are not included in this process.
Engineered for Excellence : End Seals from Allison Systems
SEAL the DEAL with our END SEALS
sales@allisonblades.com
www.allisonblades.com
856-461-9111
40
www.boardconvertingnews.com
December 1, 2025
Made with FlippingBook. PDF to flipbook with ease