This is a summary of an article originally published by Law360. Read the full article here.

Pretium Packaging has turned to Cole Schotz PC and Kirkland & Ellis LLP to guide the company through its prepackaged Chapter 11 restructuring in New Jersey.

The private equity-backed packaging company entered bankruptcy with approximately $1.8 billion in funded debt after navigating industry and operational challenges in recent years. Through its restructuring plan, Pretium is seeking to reduce its funded debt by approximately $900 million and emerge from Chapter 11 on an expedited timeline.

Leading the Cole Schotz team are Michael D. Sirota, Felice R. Yudkin and Warren A. Usatine, each of whom brings significant experience advising clients through major Chapter 11 proceedings.

Sirota, co-chair of the firm’s Bankruptcy & Corporate Restructuring Department, has represented clients in restructurings including WeWork and Bed Bath & Beyond. Yudkin has worked on Chapter 11 matters involving David’s Bridal, BlockFi and WeWork, among others. Usatine, a co-managing shareholder of Cole Schotz and co-chair of the Litigation Department, has also been involved in major bankruptcy matters, including Rite Aid, BlockFi and WeWork.

Pretium secured court approval to borrow $401 million to fund its Chapter 11 proceedings as it works toward implementing its restructuring plan.

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