Kleopatra Finco S.à r.l. and 24 affiliated debtors — the Klöckner Pentaplast (KP) group — are in the final wind-down of a confirmed prepackaged Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas (Judge Christopher M. Lopez), with the joint plan confirmed on December 16, 2025, and a Motion for Final DecreeDkt. 7 now pending.
The Luxembourg-based manufacturer of rigid and flexible plastic packaging for the food, pharma, and consumer-goods markets filed on November 4, 2025, after a multi-year contraction in packaging demand following a pandemic-era peak. Raw-material inflation near 11% compressed margins just as a leveraged balance sheet carrying approximately €2.32 billion in funded debt faced first-lien maturities clustering in early 2026 (First Day Declaration of CFO Marc RotellaDkt. 4). The debtors arrived with a Restructuring Support Agreement backed by holders of more than two-thirds of first-lien and second-lien claims — an ad hoc group advised by Gibson Dunn and Houlihan Lokey, SVP Funds, and CastleKnight Funds — targeting roughly €1.3 billion of debt elimination and €215 million of new money.
Case liquidity was anchored by a €984 million senior secured superpriority DIP facility from the ad hoc lender group, with Wilmington Savings Fund Society, FSB as agent. The facility paired €349 million of new-money term loans (€215 million for operations and administration, €134 million to refinance the prepetition bridge facility) with €635 million of roll-up loans converting prepetition first-lien obligations, and was structured to convert into a five-year exit facility on plan effectiveness. The court granted interim authority on November 5, 2025 () and entered the final order on December 2, 2025 (), priming prepetition secured parties through replacement liens and section 507(b) superpriority claims as adequate protection.
The court confirmed the Amended Joint Prepackaged Plan roughly six weeks after the petition (Confirmation OrderDkt. 246). First Lien Claims and Second Lien Claims were the only impaired voting classes, and both accepted; general unsecured and trade creditors were left unimpaired. The plan is funded through cash on hand, new equity issued by New Kleo Holdco / Reorganized KH2, and the exit facility, with the prepetition Coface and Factofrance factoring programs reinstated. With confirmation entered and the debtors now seeking final decree, the case is closing substantially on the timeline contemplated at filing — confirmation within roughly 45 days and emergence targeted within 90 days of the petition.
Status: complete. Wrote the executive_summary MDX narrative for case_watch_id 1901 (Kleopatra Finco S.à r.l.) — 4 paragraphs, ~430 words, covering filing rationale, the €984M DIP facility, plan confirmation, and the pending final decree. All inline citations reference allowed docket/document pairs (Dkts. 4, 7, 85, 192, 246).
