Current posture

What matters now

Pretium Packaging’s Chapter 11 is a prepackaged recapitalization designed to deleverage the business and install an exit capital structure, rather than a sale process. The debtors filed on January 28, 2026 with a joint prepackaged plan Dkt. 6 and disclosure statement Dkt. 5 already on file, following a restructuring support agreement with Clearlake Capital and lenders holding more than 80% of the first- and second-lien debt. The filing addressed approximately $1.84 billion in funded debt. The proposed transaction contemplates roughly $900 million of deleveraging: the prepetition ABL debt is to be paid or converted into exit ABL obligations; first-lien Tranche A-1 lenders receive exit second-out term loans and most new equity, subject to dilution; second-lien lenders receive a smaller equity allocation and cash consideration; and existing equity is canceled. Clearlake’s $50 million new-money investment and the contemplated exit facilities are intended to fund the reorganized enterprise under the disclosure statement Dkt. 5. To bridge the case, the court approved a final DIP financing order Dkt. 152 authorizing a $533.5 million DIP term facility and a $100 million DIP ABL facility…

Updated Aug 9, 2026