Klöckner Pentaplast has successfully completed its financial restructuring and emerged from the US Chapter 11 proceedings. With significantly reduced debt, fresh capital and new owners, the packaging and film manufacturer is repositioning itself for further business development.
The packaging and film manufacturer Klöckner Pentaplast (KP) has successfully completed the court-ordered restructuring process in the USA. As the company announced, the capital structure was fundamentally strengthened in the course of the Chapter 11 proceedings. Around EUR 1.3 billion in interest-bearing liabilities were reduced, and the company also received new capital totalling EUR 349 million as part of the proceedings.
Klöckner Pentaplast sees itself in a much more stable financial position now that the restructuring has been completed. According to the company, the strengthened balance sheet creates additional financial flexibility and an improved starting point for investments and operational development. The company intends to further expand its position as a global provider of packaging and film solutions, focussing in particular on sustainable and high-performance materials.
Focus on sustainable packaging and film solutions
According to Klöckner Pentaplast, the company intends to continue its role as a global provider of packaging and film solutions even after the restructuring process. The company emphasises that it will continue to focus on innovations that meet customer requirements and at the same time support the transition to a more circular economy.
Change of ownership and reorganisation of the Board of Directors
The ownership structure was also reorganised in connection with the conclusion of the proceedings. Control of the company was transferred to a group of investors led by Redwood Capital Management. The investors stated that they wanted to continue to accompany the company on its growth path and support its strategic development.
As part of the reorganisation, Roberto Villaquiran and Michael Kaufman, Partner at Redwood Capital Management, have been appointed to the Board of Directors. In addition, industry manager Andrew Berlin, former Chairman and CEO of Berlin Packaging, will take over as Chairman of the Board in the near future. Further mandates on the Board of Directors are to be filled with experienced industry representatives in the coming weeks.
Source: Klöckner Pentaplast
