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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.
Teneo represents American Ocean Minerals Corp as its merges with NASDAQ-listed Odyssey Marine Exploration to create a $1B deep-sea critical minerals research and mining platform that is under US-control.
Kekst CNC represents Cleveland-based Everstream as the business-only fiber network receives bankruptcy court approval for the sale of almost all of its operations to Bluebird Fiber for $385M.
FTI Consulting handles media for McCormick as the 137-year-old flavors company combines with Unilever Foods in a deal valued at $45B.
Edelman Smithfield handles Sysco as the world's largest food-away-from-home distributor acquires Foxcroft Strategy Group client Jetro Restaurant Depot, which serves delis and mom & pop shops, in a deal valued at $29B.
FGS Global represents Brown-Forman Corp. as it confirms merger discussions with French liquor giant Pernod Ricard.
