Pretium Packaging files for pre-packaged Chapter 11 to restructure debt

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. The move is intended to power the long-term growth of the business, which was acquired by Clearlake in 2020. The restructuring plan was confirmed after an earlier report by Bloomberg. Under the proposed restructuring, Pretium’s total funded debt is set to decrease by more than $900m. The company will also gain access to over $175m ...