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Joele Frank works for Klöckner Pentaplast as the German maker of plastic films declares Chapter 11. A successful reorganization would slash its its corporate debt by $1.5B.
As part of the plan, KP’s financial partners will assume ownership of the Montabaur-based firm that has operations in 18 counties and more than 5,600 employees.
CEO Robert Villaquiran said the restructuring will result in a stronger financial foundation to continue "driving innovation and responding to the needs of our customers with agility and excellence."
Throughout the financial overhaul, KP operations will continue without interruption. Villaquiran said “the support of our financial partners demonstrates their confidence in our business and the opportunities ahead.”
KP filed its Chapter 11 documentation with US Bankruptcy Court for the Southern District of Texas.
Joele Frank, Wilkinson Brimmer Katcher partners Michael Freitag, Aaron Palash and Aura Reinhard along with managing director Richard Goldman are working the KP business.
C Street Advisory handles iRobot Corp as the marketer of the Roomba autonomous vacuum cleaner files Chapter 11 after being squeezed by cheaper competitors.
Joele Frank represents Confluent Inc. as the Mountain View, CA-based data streaming platform company agrees to be acquired by IBM in a deal with an enterprise value of $11B.
Tom Johnson, who has headed H/Advisors Abernathy since 2016, will join FGS Global as global head of private capital & financial services, effective Dec. 16.
Brunswick Group and Gagnier Communications are handling Paramount’s $30 cash per-share offer for all of Warner Bros Discovery, topping Netflix $27.50 cash/stock transaction.
ICR Inc. handles communications for Enhanced Ltd, which plans to run Olympic-type competitions with athletes using performance-enhancing drugs, as it goes public in a SPAC deal valued at $1.2B via a merger with A Paradise Acquisition Corp. of Hong Kong.
