Adapa GmbH, the Austrian flexible packaging manufacturer backed by Apollo Global Management, is in discussions with creditors to restructure its debt profile, according to a report by Bloomberg citing sources familiar with the situation.
The company, formerly known as Schur Flexibles, is working with legal advisers at Sidley Austin to negotiate amended terms and extended maturities, with around 75% of creditors said to be supportive of the proposed deal. Creditors are being advised by Milbank.
Apollo and a group of credit investors assumed control of Adapa in 2022 through a debt-for-equity transaction, following the emergence of alleged financial irregularities under the company’s former management, as well as broader operational headwinds including rising input costs and acquisition-related leverage. Legal representatives for former executives have denied any wrongdoing.
As part of the initial restructuring, the new ownership group injected fresh capital and wrote down up to 75% of their original debt positions. Adapa is currently managing approximately €315m in loan maturities, scheduled for 2026 and 2027, according to its 2023 financial disclosures.
The company, which supplies flexible packaging for food, healthcare, and tobacco products, has faced ongoing margin pressure due to rising production costs and softening demand in the consumer packaged goods sector.
