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Financial restructuring on the cards at Linpac

Jill Park, packagingnews.co.uk, 02 March 2009

Linpac has entered into discussions with lenders regarding a possible financial restructuring driven by the fall in Sterling, fluctuating raw material prices and the general economic climate.

The packaging group, which is owned by private equity group Montagu, entered into "pre-emptive talks" with lenders before Christmas according to a Montagu company spokesman.

"It's very much business as usual and the company is performing well," he said.

Montagu is reported to be working with US restructuring firm Houlihan Lokey.

Today's Daily Telegraph revealed that PricewaterhouseCoopers is working on an independent business review and KPMG has been appointed to work on a contingency plan.

UK-based Linpac employs 9,000 employees across five continents. Montagu bought the business for £860m in August 2003.

 

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