LINPAC Group Limited, the international packaging manufacturer, has successfully completed its debt restructuring following approval from shareholders and lenders.
LINPAC has emerged from this process as a stronger company with a balance sheet restructured on terms more suited to today's economic environment. Debt has been halved and ownership has transferred to the pre-existing banking syndicate, which has also injected additional cash into the Group.
The restructuring has only affected the holding companies and not the operating companies of the Group. As far as the operations are concerned, it has been business as usual. Under its new ownership LINPAC will continue to invest in the business and support customers with innovative high-quality products and services.
Mike Arrowsmith, Group CEO, said: "LINPAC is a company with a first class customer base, multiple market-leading positions, and a highly dedicated and skilled workforce. The Board is confident that, as the global economic outlook starts to improve and with more appropriate financial arrangements in place, we will continue to be a global leader in our markets.
"We are delighted that this process has been successfully concluded and that LINPAC is now so well placed for the future. We have an enviable position as a leader in our markets, and the loyalty of our customers throughout 2009 reflects the quality of our products and services. This restructuring has put the company on a strong footing from which we can maintain our competitive edge and create new opportunities for growth. "