PORTOLA PACKAGING, INC. REACHES AGREEMENT ON RESTRUCTURING WITH SENIOR LENDERS AND HOLDERS OF SENIOR NOTES
Secured Lenders and Holders in Excess of 80% of Senior Notes Agree To Support Restructuring Plan that Reduces Long-Term Debt Obligations by $180 Million, Significantly De-Leveraging the Companys Balance Sheet Company Has Reached an Agreement with Creditors that Will Enable It to Restructure Its Balance Sheet Through a “Pre-Packaged” Chapter 11 Bankruptcy Filing On-Going Business Relationships with Trade Creditors, Suppliers, Customers and Employees Will Not Be Impacted by the Restructuring