Media reports indicate the problems associated with the financial structure of rigid film manufacturer Klöckner Pentaplast (kp, Montabaur / Germany; www.kpfilms.com) could soon be solved, pointing to rumours that kp owner Blackstone is striving to reach an agreement with investment group Oaktree, a specialist in loan restructuring. The reports maintain that large swathes of group debt are to be converted to capital resources. Should this option fail to meet the approval of the creditors, Germany’s Handelsblatt newspaper reports, Blackstone will try to sell kp.

The debts of the Montabaur-based group reportedly exceed EUR 1 bn, a result of the largely credit-financed takeover by Blackstone. A restructuring would leave second-tier creditors with significant financial losses. Reuters reports that as a direct result, kp’s mezzanine credit shares are now traded at only about 7% of their actual value, adding that in autumn last year, the figure still stood at roughly 32%. When kp last spoke to Plasteurope.com in November 2011, the group had emphasized its stable operative results, while also pointing out that its owners were mulling a “financial realignment” – see Plasteurope.com of 01.12.2011.