BOPP film manufacturer Treofan (Raunheim / Germany; www.treofan.com), has entered into a restructuring agreement with holders of the 11% second lien notes due in 2013. The company now has support representing more than 90% of outstanding notes. The company also said that certain consenting noteholders have agreed to purchase additional notes representing more than 5% of the total outstanding principal amount, reaching the 95% threshold required to close the financial restructuring. Treofan intends to commence a tender offer under which noteholders will be allowed to exchange their notes for ordinary shares, with a nominal value of one euro, in Treofan Holdings GmbH. In May 2009, the company secured the support of 86.17% of holders of EUR 170m outstanding senior notes in agreeing to tender the notes due in 2013 in exchange for equity in the group – see Plasteurope.com of 06.05.2009. The closing of the exchange offer must be completed by 31 October 2009.

Treofan has reported preliminary and unaudited adjusted operating earnings (EBITDA), excluding foreign exchange losses, of EUR 17.0m for the first five months on 2009, compared with EUR 12.6m in the same period in 2008. The company said that its net debt position had improved by EUR 1.9m during the five months ended 31 May 2009.