Schur Flexibles Group

Future owners see long-term future of packaging manufacturer on track

Wien (ots) - An agreement was recently signed between lenders and current owners
of Lower Austria-based Schur Flexibles Group to refinance and recapitalize the
group. The agreement will provide EUR 150 million in fresh capital in two
tranches (of which EUR 60 million are available immediately and further EUR 90
million will be available as of closing). EUR 50 million of the new capital are
earmarked for strategic acquisitions and M&A activities to ensure further
business growth. In addition, upon closing of the agreement, which is expected
to take place in September 2022, there will be a debt haircut of up to 75% of
the existing bank liabilities and the lenders will acquire the ownership of the
Group.

Such restructuring measures will reduce the company's leverage to industry
levels, providing the company with greater flexibility to navigate the current
volatile economic environment. In addition, no short-term liabilities will
burden the company's liquidity. With their binding financing commitments, the
future owners underline their belief in the resilient business model of Schur
Flexibles Group and express their long-term commitment to further develop the
company strategically. In addition, any civil and criminal procedures
originating from the period prior to the restructuring will be subject to
determination by the relevant competent authorities and courts. However, these
proceedings have no influence on the operational business of the group or the
future owners.

The restructuring course taken is already reflected in the positive business
developments of the company. The Group's performance in 2022 is developing in
line with the business plan and is therefore on track even under difficult
market conditions.

All stakeholders will work closely together with the management team to
implement measures that will secure the company's economic success in the
future. The further development of Schur Flexibles is intended to further expand
its role as a leading solution provider of fully recyclable plastic packaging
solutions. In doing so, the company can benefit from the experience of the
future owners in the paper and packaging industry.

The consortium of lenders and future owners - consisting of various banks and
funds, including Apollo, Capital Four, Guggenheim and Palmer Square - would like
to expressly thank all stakeholders, in particular employees, customers,
suppliers, investors and financial institutions for their support during the
last weeks, which contributed to the successful restructuring solution of the
company.

The Group currently employs around 2,200 people at 23 production sites in eleven
countries.

Pressekontakt:

Martin Jenewein, MBA
Senior Partner
SMJ Partners Consulting GmbH
Phone: [phone]
Mail: mailto:[e-mail]
Web: https://www.smj.at

Weiteres Material: http://presseportal.de/pm/146423/5254466
OTS: SMJ Partners Consulting GmbH