Pretium Packaging, L.L.C. Bankruptcy Case

Pretium Packaging is in post-effective-date administration after its prepackaged Chapter 11 plan became effective on March 2, 2026, completing a lender-backed recapitalization designed to reduce funded debt by approximately $900 million. The company and its affiliates filed on January 28, 2026, with approximately $1.84 billion of funded debt, using Chapter 11 to implement a restructuring support agreement reached with Clearlake Capital and holders of more than 80% of the first- and second-lien debt. The first-day declarationDkt. 18 described a capital structure comprising an ABL facility, first-lien Tranche A and Tranche A-1 term loans, and second-lien term loans, while the disclosure statementDkt. 5 framed the case as a consensual deleveraging rather than an open-ended restructuring.

The debtors entered Chapter 11 with the plan already filed and a financing package aligned with that path. On February 18, the court entered the final DIP financing orderDkt. 152, authorizing a $533.5 million DIP term loan facility and a $100 million DIP ABL facility, together with cash-collateral use, priming liens and superpriority claims. The term facility funded the takeout of approximately $337.6 million of first-lien Tranche A debt and was structured to convert into exit first-out term loans, while the ABL facility rolled up the prepetition ABL exposure. The financing order also imposed a 13-week budget and variance reporting regime and tied maturity to the earlier of six months after closing, plan consummation or a section 363 sale, keeping the case on a compressed confirmation timetable.

The court entered a final decree closing Pretium Packaging, L.L.C. and eight affiliate Chapter 11 cases effective March 20, 2026, shifting the case from active restructuring administration into residual post-confirmation cleanup. The Final Decree closes Pretium Packaging, Alpha Consolidated Holdings, Mont Royal, Olcott Plastics, Poseidon Investment Intermediate, Pretium Canada Packaging ULC, Pretium Holding, Pretium PKG Holdings, and Starplex Scientific.

Poseidon Parent, L.P. remains open as the administrative case for remaining matters, including claims reconciliation across all debtors. The order preserves the court’s jurisdiction to enforce the plan, confirmation order, and final decree; permits parties to seek reopening for cause; and requires the reorganized debtors to pay outstanding U.S. Trustee fees for the closed affiliate cases within 45 days. The practical point is that professionals tracking Pretium should now follow the surviving Poseidon Parent docket for residual claims and enforcement activity rather than expecting new substantive activity in the closed debtor cases.

Pretium Packaging, L.L.C.

Pretium Packaging, L.L.C.

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Court closes Pretium Packaging and eight affiliate cases

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