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Bankruptcy Filing Alert — Kloeckner Pentaplast files for Chapter 11

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Bankruptcy Filing Alert — Kloeckner Pentaplast files for Chapter 11

Alessia Pirolo's avatar
Cat Corey's avatar
  1. Alessia Pirolo
  2. +Cat Corey
•2 min read

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Kloeckner Pentaplast and related entities filed for Chapter 11 last night 4 November in the US Bankruptcy Court for the Southern District of Texas.

The German plastic manufacturer enters Chapter 11 with an RSA signed onto by its first lien creditors, who will take over the business from its current sponsor, Strategic Value Partners, through the restructuring case, as 9fin anticipated.

In addition, the debtors have secured a debtor-in-possession (DIP) facility. The DIP lenders will provide a €984m facility that will provide the debtors with €215m in new money to fund ongoing operations during and after the Chapter 11, with an additional €134m of the proceeds to refinance the existing €112m bridge loan raised at the end of August, as 9fin reported.

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