Klockner Pentaplast gains US court approval for debt restructure plan

Core Insights - Klockner Pentaplast (kp) has received confirmation from the US Bankruptcy Court for its reorganization plan, allowing the company to proceed with financial restructuring and exit Chapter 11 [1][2] - The restructuring plan aims to eliminate €1.3 billion ($1.52 billion) of funded debt from the balance sheet and transition to new ownership with enhanced financial flexibility [2][4] - The company has continued normal operations during the restructuring process, including payments to vendors and suppliers [2] Financial Restructuring - The court-approved plan was developed with support from an ad hoc group of first-lien lenders and noteholders, which included a €349 million capital injection to support operations [2][3] - All general unsecured claims will be settled in full or reinstated upon the company's emergence from Chapter 11 [3] Management and Operations - CEO Roberto Villaquiran emphasized the goal of establishing a strong financial foundation for growth and innovation, with the court's approval being a significant step towards this objective [4] - Klockner Pentaplast, founded in 1965, specializes in manufacturing rigid and flexible packaging and specialty films, operating 27 production sites across 16 countries and employing over 5,000 people globally [4][5]