Portola Emerges From Bankruptcy, may lose workers
A top Illinois manufacturer, Portola Packaging, has exited thae backside of Chapter 11 bankruptcy protection. The restructuring that took place greatly reduced the total outstanding indebtedness and interest expenses of Portola Packaging. According to state media reports, they were able to eliminate $180 million of their total debt. The US Bankruptcy Court has verified that the Portola Packaging Company’s restructuring plan and the firm converted all of there 8.25% senior notes into equity. All in all, they did not even require funds from Washington, which is a refreshing change.
The Portola Packaging firm which operates in Batavia in the state of Illinois, produces tamper evident closures, cosmetic packaging along with certain items plus various engineering services as well. The Delaware Bankruptcy Court ultimately ruled that the firm in question met its statutory requirements and pre-packaged chapter 11 plan of reorganization and would be emerging from chapter 11 in late October. If you need a washington state bankruptcy lawyers then might I suggest Jason Newcombe. He is a top washington state bankruptcy lawyers around and can assist you with a broad range of cases
Portola was eventually able to obtain exit financing from Wells Fargo Foothill, LLC and Regiment Capital Special Situations Fund IV LP for a $66 million senior secured credit facility.
Investment holders of the Portola existing senior unsecured notes received all of Portola’s common stock which was reorganized. According to their exiting plan, Wayzata was named to become the controlling shareholder when Portola emerged from chapter 11.