Pretium Packaging secures agreement with lenders on debt restructuring – report

Pretium Packaging has reached an statement with a bulk of its lenders to restructure its indebtedness and support operations, reported Bloomberg, citing sources.

US-based backstage equity institution Clearlake Capital Group volition clasp its presumption arsenic the main shareholder nether the recently signed statement with creditors, the unnamed sources indicated.

Pretium is presently engaging with further creditors, requesting that they motion non-disclosure agreements anterior to reviewing details of the projected transaction.

Company representatives for some Pretium and Clearlake did not respond to requests for comment.

Since Clearlake acquired Pretium successful 2020, the packaging shaper has experienced a simplification successful income owed to decreased user request and inflationary pressures. Its fiscal results person besides been affected by a sizeable involvement expense.

The study added that nether the restructuring terms, determination is simply a anticipation that Clearlake and existent lenders could lend further capital.

According to the sources, commercialized vendors are expected to beryllium paid arsenic concern continues.

In 2024, Pretium appointed James Rooney arsenic CEO.

Rooney has held elder roles astatine companies including DazPak Flexible Packaging, ALPLA Corporation, Owens-Illinois and Amcor during his vocation successful the packaging sector.

Pretium specialises successful designing and manufacturing a wide scope of rigid and sustainable integrative containers, bottles, and closures.

The institution serves a divers lawsuit basal crossed sectors, including nutrient and beverage, healthcare, idiosyncratic attraction and household products.

"Pretium Packaging secures statement with lenders connected indebtedness restructuring – report" was primitively created and published by Packaging Gateway, a GlobalData owned brand.

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