Pretium Packaging, a Missouri-based plastic container manufacturer owned by Clearlake Capital Group, has filed for Chapter 11 bankruptcy in the District of New Jersey as part of a comprehensive plan to restructure its heavily leveraged balance sheet, according to a report by Bloomberg.
The company, which reported assets and liabilities between $1bn and $10bn in court filings, reached a restructuring support agreement with its lenders and Clearlake that will cut more than $900m in debt and inject around $175m in new liquidity. The plan includes over $530m in commitments from existing lenders and a $50m equity investment from Clearlake.
Pretium has faced ongoing pressure from its capital structure, having previously restructured its first-lien term loan in 2023 and repurchased a portion of its second-lien debt in 2024 at a steep discount. While these steps provided temporary relief, the company continued to grapple with a high debt burden amid challenging post-pandemic market conditions.
“Clearlake has been a committed partner to Pretium since 2020, and we’ve watched the business navigate an unprecedented set of macroeconomic challenges in the post-Covid environment with remarkable strength,” said Clearlake co-founder and Managing Partner José E Feliciano.
Pretium will continue normal operations during the Chapter 11 process, assuring vendors and suppliers that all obligations will be met for pre- and post-filing transactions.
