Pretium Packaging is operating in a prepackaged Chapter 11 with final DIP financing in place and a plan path built around a lender-supported recapitalization rather than a sale. The debtors filed on January 28, 2026 with a prepetition restructuring already framed by an RSA, a filed disclosure statement, and a joint plan designed to cut funded debt by roughly $900 million while preserving trade and unsecured creditor treatment; the Disclosure StatementDkt. 5 describes approximately $1.835 billion of funded debt and support from Clearlake and lenders holding more than 80% of first- and second-lien debt.
The filing followed a heavily leveraged capital structure: about $1.24 billion of First Lien Tranche A-1 term loans, $337.6 million of First Lien Tranche A term loans, a $59.3 million ABL facility, and about $201.4 million of second-lien term loans, as set out in the Barreto first-day declarationDkt. 18. The plan leaves ABL and general unsecured claims unimpaired, pays or refinances the Tranche A claims, converts the Tranche A-1 claims into exit second-out term loans and most of the new equity, gives second-lien lenders a smaller equity-and-cash recovery, and cancels existing equity; the Joint Prepackaged PlanDkt. 6 also contemplates a $50 million Clearlake new-money investment, exit facilities, and a minimum $100 million effective-date liquidity condition.
The case’s current posture is therefore financing-and-confirmation execution. On February 18, 2026, the court entered the , authorizing a $533.5 million DIP term loan facility, a $100 million DIP ABL facility, cash-collateral use, priming liens, superpriority claims, an $8 million post-trigger professional-fee carve-out, and budget reporting with variance controls. That order also ties the case to a fast plan timeline: final DIP order entry within 35 days of the petition date, confirmation within 60 days of the petition date, and an outside date 30 days after confirmation.
