Multi-Color Corporation — Representation of Multi-Color Corporation and 55 of its affiliates (collectively, MCC) in their prepackaged Chapter 11 proceedings filed in the United States Bankruptcy Court for the District of New Jersey. MCC is a leading global provider of prime label solutions, with more than 12,500 employees worldwide supporting prominent brands across end categories, including food and beverage, wine and spirits, home and personal care, and healthcare, among others. MCC entered Chapter 11 with the support of its key stakeholders, including an ad hoc group of secured first lien lenders holding more than 72% of first lien claims, and its equity owner, creditor, and plan sponsor, CD&R. The transactions contemplated by the restructuring support agreement will reduce MCC’s net debt from $5.9 billion to $2 billion, provide for a $889 million new common and preferred equity investment to support long-term growth and investment, capitalize the go-forward business with access to over $550 million of capital upon emergence, and leave employee and trade claims unimpaired.
Fortrex, Inc. — Representation of Fortrex, Inc., formerly known as Packers Sanitation Services Inc., a leading food safety sanitation company and previously a Blackstone portfolio company, on a comprehensive out-of-court restructuring that was supported by 100% of its lenders. In connection with the restructuring, Fortrex’s first lien term loans holders exchanged nearly $1.5 billion in existing secured debt for a pro rata share of $250 million in new take-back term loans and 100% equity ownership in Fortrex. Fortrex’s revolving lenders also extended and upsized Fortrex’s existing $54 million revolving credit facility up to $70 million. The restructuring preserved jobs for employees and positioned Fortrex for continued growth and innovation in the food safety and sanitation field.
