Klöckner Pentaplast (KP) has announced that the United States Bankruptcy Court for the Southern District of Texas has approved its Plan of Reorganisation. This will allow KP to complete its financial restructuring and quickly emerge from the US Chapter 11 process. The Plan was developed and financed with the support of a group of KP’s first-lien lenders and noteholders.
Klöckner Pentaplast
Klöckner Pentaplast receives approval for its reorganisation plans
Following its emergence, KP will eliminate around €1.3 billion of funded debt. It will then move forward with the support of new owners, a stronger balance sheet, and greater financial flexibility. The Plan follows the funding by KP’s existing first-lien creditors of €349 million in new capital to support its operations and restructuring.
“We entered this process with a clear purpose – to provide KP with a strong financial foundation to grow our leading portfolio, drive cutting-edge innovation, and deliver excellence for our customers. With the Court’s approval of our Plan, we are an important step closer to delivering on this goal and doing so on an accelerated basis, thanks to the continued support of our financial partners, who will become KP’s new owners upon emergence,” said Roberto Villaquiran, Chief Executive Officer. “We are grateful to our global customers, vendors, suppliers, and business partners for their ongoing trust and support. We’d also like to thank our employees for their unwavering dedication and commitment throughout this process, demonstrating a relentless focus that has enabled us to achieve excellence. We are excited to move ahead and confident that we will enter this next phase as a benchmark in the industry for responding to the needs of our customers with agility and excellence.”
