Klöckner Pentaplast (kp) has completed its restructuring under the US Chapter 11 process, resulting in the removal of around €1.3bn ($1.5bn) in funded debt from its balance sheet.

The company’s exit from court oversight follows an injection of €349m in new capital as part of its plans to stabilise ongoing operations.

Ownership of Klöckner Pentaplast has now shifted to a consortium of financial partners led by funds affiliated with Redwood Capital Management.

As part of these changes, CEO Roberto Villaquiran and Michael Kaufman, a partner at Redwood Capital Management, have joined the company’s board of directors.

The company also anticipates the appointment of Andrew Berlin as board chairman soon.

Berlin was the chairman and CEO of Berlin Packaging for more than 30 years before the company’s sale to Oak Hill Capital Partners.

The process to complete kp’s board with additional industry figures is expected to be finalised in the coming weeks.

The restructuring follows court approval of Klöckner Pentaplast’s reorganisation plan by the US Bankruptcy Court for the Southern District of Texas in December.  

The process commenced after the company entered a restructuring support agreement with most of its financial stakeholders in November 2025.

Villaquiran said: “Today represents the next exciting phase in kp’s journey, as we emerge from this process as a financially stronger company. I am energised by the opportunities ahead, and I am highly confident that our talented teams will continue to build on our leading product portfolio and global presence.

“We are grateful for the support of our new owners, who continue to demonstrate their confidence in our business and future prospects as we deliver innovative and sustainable packaging and film solutions to customers globally.”