BOPP film manufacturer Treofan (Raunheim / Germany; www.treofan.com) has closed its financial restructuring following the successful launch of an offer to exchange second lien notes for ordinary shares in Treofan Holdings GmbH – see Plasteurope.com of 30.07.2009. Holders of EUR 168m, or 98.85%, of the outstanding notes accepted the offer. Despite lower market demand, Treofan said it has been able to improve its operational performance during the first eight months of 2009, reflected in a higher EBITDA compared to the same period in 2008. The company added that, concurrent with the closure of the restructuring, amendments had been made to its revolving credit facility with the maturity date extended to July 2011.

As a result of the restructuring the new majority shareholders of the Treofan Group are investment company Management & Capitali SpA (Milan / Italy), with a shareholding of around 44%, and private investment firm EBF & Associates LP (Minnetonka, Minnesota / USA), with a shareholding of approximately 26%. The remaining shares are held directly or indirectly by the Goldman Sachs Group (New York City / USA), with approximately 13%, other tendering noteholders, which hold a combined share of around 15%, and other former shareholders whose shares were diluted to about 2%.